Full Tilt Poker's Ray Bitar was allowed to post bond and is set to to be released from custody after spending seven days behind bars.
Wearing a prison jumpsuit that was noticeably lacking in Full Tilt logos that Bitar was often attired in prior to Black Friday, the 40-year-old CEO made his fourth court appearance since surrendering to federal authorities one week ago. Prosecutors relented on their stance of insisting that Bitar be detained until trial, agreeing to enhanced bail conditions that include electronic monitoring, increasing the amount of cash and property posted from $1 million to $2 million, and the surrender of his passport, as well as limiting travel between Glendora, California and New York.
Bitar will post the deed to a San Dimas warehouse that he owns to meet the bail requirements, but must prove that its value is over $1 million within 48 hours, as well as disclose to the court a complete list of his foreign and domestic assets. Failure to comply with these conditions may be grounds for re-arrest.
The bond proceeding was again before Judge Paul Engelmayer, as it was last Friday, after the judge who was scheduled to hear the Black Friday case, Judge Kaplan, recused himself from hearing Bitar's case because the Full Tilt honcho is represented by attorneys from the firm of Paul, Weiss, where Kaplan toiled as a partner prior to his position as a federal judge. The allegations against Bitar will be separated from co-defendant Nelson Burtnick and raffled to another judge.
Prior to concluding the bond hearing, Engelmayer ruled that Bitar's right to a speedy trial be granted an exclusion for a time frame of one month so that his attorneys can better prepare his defense regarding the new allegations in the superseding indictment. Also, the judge was hopeful that prosecutors and Paul, Weiss attorneys can begin plea bargain negotiations.