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May 11, 2011

Negreanu and the Crooks at Ultimate Bet

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Written by: Chris Wilcox
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In his latest article for cardplayer, Daniel Negreanu has been weighing in on the precarious situation now faced by Ultimate Bet customers since Black Friday.

After stating how proud he was of the way PokerStars have handled the situation in terms of smooth cash-outs, Negreanu then proceeded to vent his well-known disgust with poker room Ultimate Bet. As he commented in his article:

“I mean that company is just an absolute joke! The owners (not past owners, same darn owners) cheated their customers, stole from their investors, and it looks like the last straw is that they will likely fold up like a cheap suit and run off with the rest of the customers money. Shame on them, but even more so, shame on us, the poker community, for allowing this to happen.”

Daniel NegreanU then went on to highlight the desperate plight of some of the players with accounts at Ultimate Bet, such as Isaac Haxton. Recently, Haxton said he had $300,000 tied up in UB, which he was willing to sell for 20 cents on the dollar or $60,000.

However, Negreanu then expressed his opinion that the prospects of any UB customers ever seeing their cash again was slim at best, before then singling out a number of pros whose support he felt helped the company stay on its feet.

“Many of you remember that I was critical of Prahlad Friedman’s choice to sign with UB…A guy as smart as he is should have looked at all the smoking guns pointing to the same ownership that cheated him…”

Other people Negreanu homed in on included Paul Leggat, and also Joe Sebok, whom he said made a “foolish mistake to ever get involved with those crooks.”

Daniel Negreanu then ended with the bleak opinion that Ultimate Bet would soon collapse and therefore had no intention of ever repaying the players their money back. As Negreanu concludes:

“It would be the “right thing to do,” but I don’t think that matters much to them. If you had money on UB/AP come to terms with the fact that it’s gone forever, and in the case of a miracle, think of it as free money. That’s sad to say, but you don’t really have many other options at this point it doesn’t seem like.”
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