Alleged 100k BF Fraud - The story unfolds

[Steve]

Couldn't find the Ouch of the Day thread - but this would qualify.

This is a thread on Blondepoker forum about an apparent local hero, super star, poker player who has allegedly, stole, thieved, lied and conned a bunch of poker player mates. He was supposed to be trading pre-match footie games on betfair using his 'skillz' and 'knowledge' and their money. A long but totally riveting read. What total scum this 'nice guy' is. Ousted by betfair forumite ArbBoy.

It gets good around post 20 but I think you should read from the start. Arbboy gets flamed for even suggesting something ain't right - probably saved a few people from getting involved - gets banned from the forum,(that rings a bell) then asked back to help in sorting it out!

http://blondepoker.com/forum/index.php?topic=48399.0

Original thread http://blondepoker.com/forum/index.php?topic=43354.0

WSOP staking\begging thread http://blondepoker.com/forum/index.php?topic=47772.0




EDIT: Here's a more recent thread which summarises. TG

http://blondepoker.com/forum/index.php?topic=48454.0

[The Joker]

I'd thank you twice bit it won't let me LOL

[Timstertoo]

I'm only down to reply 22 and I've already found some pearls in that thread most traders should consider regardless of the whole imminent dramambomb that will follow.

Great thread to post Steve!:Brilliant

[The Geek]

Somebody should invite arbboy over for a play.

[Timstertoo]

He's a straight punter, would never become an active regular here until we get some active subforums catering to them.

I'd love to have him around though, seems to know what he's talking about and has a similar dislike of piss artists as most of us around here do.

[Timstertoo]

What's apparent in this thread is how perception within your own discipline clogs your view on others. In other words sometimes you need a paradigm shift to see things for what they are.

In the pokerworld staking is perfectly normal becuase variance can be sick. The leading tournament pro's will often swap out % with each other because individually you'll only get a big payday every so often but as a group of winning players you can get a somewhat steady income through this.

With traders the opposite is true. If you are a winning trader you have a somewhat consistent income. The profit might vary from month to month but in general, if I understood correctly, you'll be making somewhat similar amounts. (putting it in perspective, a winning pokerplayer can play kickass perfect beautifull poker and still have losing sessions for 2 months straight, or even more, due to variance) So there is no reason why a winning trader would ever need staking. Especially since the ratio between bankroll and monthly profit is much much smaller then a pokerplayer would need.

So being from a pokerplayer first and a trader with a budding aspiration to nailing straight punting now I can fully understand how these pure pokerplayers don't see any reasson why staking a winning trader would be a strange thing to do. Probably the same way a pure trader will have a hard time understanding why staking a winning pokerplayer would make perfect sense.

The moral, if any, is if you move outside of your discipline and comfort zone you should try to free yourself of all dogma's you have and open your mind and inform yourself before you get scammed like this. This guy tapped into a succesfull pokerplayers mindset and succesfully used all the buzzwords that makes perfect sense to them whilst it would've been painfully obvious to most on this forum something was amiss.

[johnsmith]

on the other hand timster

if he were an arbitrage bettor , rather than trader

making 10% a month on 800k and paying 2.5% in profit share is much better than making 10% on 100k roll and not paying any profit share ....for example

[Temujin]

Reading this til the end has taken priority over my new book... rotflmfao... Best soapy ever....

[Timstertoo]

on the other hand timster

if he were an arbitrage bettor , rather than trader

making 10% a month on 800k and paying 2.5% in profit share is much better than making 10% on 100k roll and not paying any profit share ....for example

Well yes. And if he was a succesfull london stock exchange trader he could make millions for others and himself, that would be even better then being an arbitrage bettor!

But he stated quite clearly from the start exactly how he was going to use the funds. Pre race football trading.

[Timstertoo]

Reading this til the end has taken priority over my new book... rotflmfao... Best soapy ever....

Yeah I know, took me well over my bedtime to get to the last post, especially as they were being posted almost faster then I could read.

Also check out the links posted to for instance Punterslounge where he was trying to stiff people with weird poker staking plans.

He did the same thing with his mate, I stake you now and I'll pay it in Vegas. If they would've hit, he would've gotten his share. And now just before the Vegas trip the jig is up. Tricksy little Hobbit!

[Temujin]

rotflmfao.. As if you would trust this guy with 2 bob, let alone 100k pounds.... Obviously a slimey bastard, just need to look at him..

[Timstertoo]

I thought one of the highlights was when all the Blondepoker forumites were still defending him to the max and discussing his casino behaviour.

Stating that an investment manager would be fine to order 27 GBP takeaways and him whacking on 1k on single numbers in the casino was in fact just a minus 27 EV bet so no problem.

It will always amaze me how much the average human being just wants to be conned!

[Temujin]

Yeah, 50 people involved? Not one of them thought that they deserved to see account statements? rotflmfao 10 months?
I really wish I was dishonest, I am sure I could be much more creative than that... Would certainly be able to keep my story more plausible anyway.....
Guy lies through his teeth, then to prove he is telling the truth, gives up his passwords for the account? WTF? What he thought they were bluffing when they asked? rotflmfao..

Have to be honest, I got to page 60, then went straight to 100.. Figured it would be 40 pages of the same....

[The Geek]

Another thread on it. { I've added to Steve's original post. }

http://blondepoker.com/forum/index.php?topic=48454.0

[inandout]

scannning through the threads people were quick to bankroll the guy even though his 'pitch' was very poor to say the least!!!!
'Something i've been trying at the end of last season' 'shouldn't lose your entire stake'
I've not put the actual qoutes in but i'm sure the majority on here, i hope, would be hesitant of 'investing' in a scam like this! It seems certain he's used a lot of this money to fund his lifestyle at the expense, it appears, of 'good friends'.
A sad tale.