Ray Bitar's Net Worth and Career Overview
Ray Bitar is a prominent American gaming CEO with a net worth of $40 million. He is best known as the CEO of Tiltware and one of the original founders of the online poker site, Full Tilt Poker. Alongside Chris Ferguson and Howard Lederer, both famed American poker players, Bitar launched Full Tilt Poker, a platform that quickly gained international recognition.
Early Career and Formation of Full Tilt Poker
Before his venture into the online poker industry, Ray Bitar worked as an equities trader in Los Angeles, where Chris Ferguson was among his clients. This professional relationship played a crucial role in the formation of Full Tilt Poker. Ferguson introduced Bitar to Howard Lederer and other partners, leading to the launch of Full Tilt Poker in June 2004. As the CEO, Bitar successfully managed the company from Ireland, overseeing its rapid growth and expansion.
Legal Troubles and Plea Agreement
Despite its success, Full Tilt Poker and its associates faced significant legal challenges. Ray Bitar, along with his company and partners, became embroiled in legal battles with federal prosecutors from the United States. They faced serious charges, including money laundering and allegations of operating a Ponzi scheme. In April 2013, Bitar reached a plea agreement with the federal government. This agreement allowed him to retain a substantial portion of his assets, including a luxurious mansion in California.
