Barely a week after he surrendered to US authorities at JFK international Airport in New York, the Full Tilt Poker Chief Executive Officer accused of stealing money through a Ponzi scheme is free … sort of. The embattled Ray Bitar had to deliver $2.5 million to keep from sitting in prison until his next ordered court appearance. Nearly $1 million of that had to be secured, and he provided that in the form of $280,000 worth of cash and $715,000 in real property. The balance of $1.5 million was provided in the form of the real value of a California warehouse Bitar owns.

While he is not truly free, Bitar can at least sleep in his own California bed as opposed to prison. As part of the terms of agreement that led to Bitar’s surrender, this hefty bail provision was imposed to ensure the Full Tilt Poker CEO doesn’t have a change of heart and attempt to flee. Probably the largest provision of the agreement is that Bitar must disclose 100% of his assets, staying in New York City until that task has been completed. He is also subject to electronic monitoring in the form of an ankle bracelet, and can only travel to the Central District of California, where he has residency, as well as the eastern and southern districts of New York where all future court appearances will be made.

Bitar also had to turn over all travel documents and passport, and can not apply for any new ones until this matter is put to bed. Bitar was close to having bail revoked at his arraignment by Magistrate Judge Debra Freeman, as the US government’s legal team felt he was a flight risk, and asked that bail be denied. To appease both sides, Freeman raised the bail from the previously set $250,000 to $2.5 million. Bitar’s attorneys requested that he be released on his own recognizance while the bail is scraped together, but Freeman denied that privilege.

The good news for poker players who had accounts with Full Tilt that have still gone unpaid is that these are the first steps towards Full Tilt being bought out by Pokerstars. Bitar wisely provides in the buyout agreement that Pokerstars repays all lost player account money as a provision of purchase. Both Pokerstars and Full Tilt executives and representatives have agreed that a buyout is in place, and they are simply waiting for Bitar’s personal legal problems to be settled.

This is great news for US online poker players who had Full Tilt accounts, but also great news for any player with an online poker account that operates in the United States. When you are sitting in your favorite recliner playing poker online in the US, it’s nice to know that the room in which you participate is going to be held accountable for your funds. You must remember this is the most extreme of circumstances, and Bitar is the only online poker CEO charged with such heinous crimes as embezzlement, money laundering, lying to US law enforcement authorities, and running a Ponzi scheme. The vast majority of online poker rooms are legitimate and operate with a high sense of integrity, Ray Bitar’s involvement with Full Tilt being the exception that proves the rule.

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