Update: Ray Bitar Released on Bail After All

Extended bail requirements met

Despite the prosecutors claims that new charges could carry a life sentence and that he falsely told poker players their money would be safe, Full Tilt Poker chief executive Ray Bitar got released on bail, after he met extended conditions imposed by federal judge Paul Engelmayer.

Namely, he was able to raise the $2.5 million bond, and he also agreed to post $2 million in property to ensure he returns to the U.S. District Court in Manhattan when required. In addition, he must also submit to electronic monitoring and surrender his passport.

In the judges opinion, he credited the fact that Bitar, who is a U.S. citizen, returned to the United States to face ldquo;very seriousrdquo; charges.

In related news, the latest media reports state that Howard Lederer and Rafe Furst have filed motions for dismissal of the civil case against them as shareholders in Full Tilt Poker.

According to Lederers claims, no evidence is linking him with fraudulent activity at Full Tilt, and in any case the company’s activity does not fall within the Illegal Gambling Business Act definition of operating an illegal gambling business.