Full Tilt poker owed customers more than site had to give

Jul 9, 2012 8:16 PM

Despite arguments to the contrary from recently-arrested Raymond Bitar, the Full Tilt Internet poker site owed its customers some $350 million while having only between $60 million and $70 million on hand when its was shut down by federal investigators.

Bitar, 40, of Glendora, California, who was charged after voluntarily returning from Ireland months after being indicted, said he had been working day and night trying to find the means of paying the customers, half of whom were believed to be Americans.

U.S. officials disputed Bitar’s intentions, saying that by the time it was shut down, Full Tilt “was little more than a Ponzi scheme, and his (Bitar’s) presence was needed to keep it from unraveling.” They said that Bitar received more than $430 million while running the company.