July 09 2012, PokerNews Staff

According to a report by Forbes, Ray Bitar, the CEO of Full Tilt Poker, will “probably” be released on bail Monday evening and will likely return to his home in California later this week.

Forbes reports that Bitar’s attorneys and prosecutors agreed on a bail arrangement on Monday afternoon. The deal was signed by Federal Judge Paul Engelmayer, allowing Bitar to return to his home in Glendora, Calif., for the first time since he was indicted by the Department of Justice on April 15, 2011. Bitar will be electronically monitored by the FBI.

Monday’s report comes one week after Bitar was arrested in New York after voluntarily surrendering to U.S. authorities. Upon arriving at John F. Kennedy International Airport, Bitar was hit with a superseding indictment that charged him with defrauding poker customers by lying to them about the security of their funds. He pleaded not guilty to nine counts and faces up to 145 years in prison.

According to Forbes, Bitar must post a $2.5 million personal recognizance bond under the terms of the bail arrangement. He also agreed to add a warehouse he owns to the cash and assets he was posting for bail. Forbes reports that five people close to Bitar are backing his bail commitments.

Judge Engelmayer approved those terms despite the fact that Bitar is “facing very serious charges, charges that have grown over time.”

PokerNews will continue to follow this story as it develops. Follow PokerNews on Twitter for up-to-the-minute news.

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