Phil Ivey owes $6 Million to Full Tilt Poker - And Further Financial Relations

In a recently uncovered data, Subject: Poker analysed the transactions made between FTP and two of its pros, Phil Ivey and David Benyamine. According to their report, both pros took loans from FTP on many great occasions and still haven't returned all the money.


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szabby69
szabby69 Silver 2
1146d ago

In a lengthy report on Full Tilt Poker's financial relationship with its pros, Subject: Poker discovered that Phil Ivey and David Benyamine borrowed money from FTP multiple times. From June 2009 until April 2011, Ivey borrowed at least $10,715,000 from FTP over the course of minimum of 18 loans shown on his FTP account transaction notes.

szabby69
szabby69 Silver 2
1146d ago

Meanwhile, David Benyamine earned at least $800,000 from the poker site in salary, wages and marketing payments over a non-contigous eighteen-month period from 2008, 2010 and 2011. He also made at least $750,000 in loan payments to FTP during that period.

mothersquatch

Well isn't this a fine mess?! This reminds me of how some of my friends acted when they ran a couple of failed businesses when we were young. Reckless behaviour, foolish spending, living the "High-life" (living way beyond their means), acting like them "Big cheques" will always be coming in! 

 From what has been coming out, it sounds like FTP owners, pro's & other staff treated players deposits like they were their own! Add to that  the delays starting the hearing with AGCC, battles with the DoJ in the US...the earliest they could be up & running might be late Sept!?

 How many businesses can come back when they have had thier doors shut for 6 months & who would pay to buy this business (& the headaches associated with this label now)? If it does sell it'll be for pennies on the dollar.  This "Brand name" has been permanently scarred!  

motriuc
motriuc Silver 1
1144d ago

i dont belive this news,but i m sure between ivey and ftp is a BiG fight!!!!

vlady002
vlady002 Silver 3
1144d ago

have spun a lot of money in FTP, uni seems to still have problems with money, and not a few hundred dollars, but tens of thousands or even millions: | |! this is not good. Yet where is money? if the player had in their accounts?

1 Comments »
Posted by mothersquatch on 08/04/2011 11:24AM [ Reply ]

Maybe FTP is hoping to make enough in interest on the money they are holding to pay everyone back? ;) Funny thing...I was watching a rebroadcast of the WSOP on a "Canadian" sport network & they ran a add for Rush Poker??? It might have been a mistake by the network or is FTP still running adds in Canada? Hmmm?!

szabby69