Phil Hellmuth statement on UB - Poker News

I've made a living off of reading people at the poker table and in the business world. Trusting my gut has allowed me to be at the top of my profession and develop a lifetime of friends and great experiences.

Unfortunately, I made a horrible read regarding my relationship with the founders of the now defunct online poker site Ultimate Bet.

I trusted their team and believed in their ability to run a first class website and business. Most importantly, I allowed them to convince me that they were honest and forthright. I've never been more wrong about anything in my life.

When I became aware of the cheating scandal, I immediately insisted that everyone be paid back and whoever was responsible be banished from the company. At the time, I was led to believe that if I left UB right away the business would be impacted and then less likely to pay it's obligations to the victims. As such, I made the decision to believe the leaders of UB and stayed on in the hopes that they would make right to anyone cheated.

Listening to the recently released audio tapes of the UB founders has brought this situation back into the forefront of my thoughts. To hear them discussing this situation and actively deciding to keep me in the dark disgusts and infuriates me. They lied to me about their activities and I made a big mistake in trusting them for way too long.

I should have said something about this long ago, but until I heard the voices on the tapes myself I never really knew how wrong and misled I really was. I empathize deeply with the players who were taken advantage of through UB. Whether it is this or Black Friday, too many of my fellow poker players have lost confidence and their financial savings simply by playing the game they love. I hope that in the near future we have a strong, regulated online poker environment in the US so that we can all get back to playing the game we love. In the meantime, I want to pass along my support to everyone affected negatively through UB and my apologies for my initial support of people who didn’t deserve anyone’s trust in the first place.

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05-12-2013 , 10:55 AM

Mattraq1

adept

Join Date: Apr 2008 Posts: 1,150

Pretty sick

Sent from my SCH-I535 using 2+2 Forums

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05-12-2013 , 10:56 AM

LOLRussians

old hand

Join Date: Oct 2011 Posts: 1,381

Love Phil

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05-12-2013 , 10:57 AM

Siggo

journeyman

Join Date: Aug 2010 Posts: 280

The amount of money stolen through UB/AP is unbelievable!

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05-12-2013 , 10:58 AM

mesmerized

help me decide

Join Date: Jul 2009 Posts: 946

I like Phil, never thought he was a crook at all, just misled

sent from my Packard Bell PC

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05-12-2013 , 11:00 AM

Josem

human chemical weapon

Join Date: Jan 2007 Posts: 18,189

It is remarkable that he manages to see himself as a victim in this situation.

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05-12-2013 , 11:02 AM

TheG0ldenJ3w

journeyman

Join Date: Dec 2012 Posts: 283

respect, Mr. Hellmuth... These Lock Pro Scumbags should read this statement very very carefully

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05-12-2013 , 11:06 AM

MoikeAA

newbie

Join Date: Mar 2013 Posts: 15

Quote:

Originally Posted by Josem

It is remarkable that he manages to see himself as a victim in this situation.

You don't think he is at all? He was lied to and that easily could've tarnished his reputation when he believed he was doing the right thing

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05-12-2013 , 11:06 AM

Side of Mayo

banned

Join Date: May 2013 Posts: 90

He's right about one thing...

Spoiler:

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05-12-2013 , 11:08 AM

#10

NoahSD

Is Right

Join Date: Aug 2005 Posts: 18,843

That's a nice statement (honestly).

When can we be expecting him to return the money that he was paid out of player funds to endorse a crooked business that stole tens of millions of dollars (twice)?

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05-12-2013 , 11:11 AM

#11

sthief09

Josh.

Join Date: Feb 2004 Posts: 20,654

it is a nice sentiment and all, but actions speak louder than words. I'm not sure what, if anything can be done, but he's certainly someone who could contribute greatly to that process. if he truly has nothing to hide, then I don't see why he wouldn't want to help out in any way he can, even if it is just using his name and stature.

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05-12-2013 , 11:15 AM

#12

braudablowup

old hand

Join Date: Oct 2009 Posts: 1,839

Nice statement by Phil. Upper Management probably begged him for days upon end not to leave because if would ruin their site and they couldn't "pay back the $" when in reality they were still using hellmuth to steal. So sick, hate what people think of online poker now esp. with FTP and UB

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05-12-2013 , 11:21 AM

#13

Pokerho

adept

Join Date: Feb 2004 Posts: 790

Nice sentiment, and I appreciate it, but why now? The timing of it (waaaaay late) makes me assume there is a specific reason that benefits Phil in some way.

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05-12-2013 , 11:21 AM

#14

sthief09

Josh.

Join Date: Feb 2004 Posts: 20,654

Quote:

Originally Posted by NoahSD

would be win-win for him. he's got the money, and it would lead to epic ego stroking. he would be viewed as the new Robin Hood of poker.

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05-12-2013 , 11:21 AM

#15

wineguyATL

stranger

Join Date: May 2013 Posts: 9

Little late for that isn't it PHIL? Un ****ing real!! PH took all that money with a very good idea what the hell was going on!!

Last edited by SGT RJ; 05-12-2013 at 11:27 AM.

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05-12-2013 , 11:22 AM

#16

schu_81

grinder

Join Date: Jun 2008 Posts: 449

Quote:

Originally Posted by NoahSD

I never understand why poker players think that people that endorse a company should give back there paychecks, If Nike stole a bunch of money NO ONE would ask MJ to pay back what he was paid. I don't understand why we expect Phil to do it.

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05-12-2013 , 11:24 AM

#17

barradri

veteran

Join Date: Mar 2009 Posts: 2,258

Quote:

Originally Posted by Josem

It is remarkable that he manages to see himself as a victim in this situation.

Does he?

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Originally Posted by MoikeAA

You don't think he is at all? He was lied to and that easily could've tarnished his reputation when he believed he was doing the right thing

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Originally Posted by Side of Mayo

He's right about one thing...

Agree

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Originally Posted by NoahSD

Will never happen....nor should it (see below)

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Originally Posted by sthief09

Agree

Phil was a face for UB. I can compare it to a football manager who is the figure head of the team but knows absolutely nothing (in reality) about the finances/business practices of the guys in suits upstairs.

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05-12-2013 , 11:24 AM

#18

actionzip54

banned

Join Date: Aug 2009 Posts: 2,855

Seems like he is hiding something. Like maybe he has or had intentions that aren't in line with what he said in this statement. Anyone else feel this way? Has Hellmufth been exonerated completely?

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When I became aware of the cheating scandal, I immediately insisted that everyone be paid back and whoever was responsible be banished from the company. At the time, I was led to believe that if I left UB right away the business would be impacted and then less likely to pay it's obligations to the victims. As such, I made the decision to believe the leaders of UB and stayed on in the hopes that they would make right to anyone cheated.

Why would he just have not left UB if he thought it was bad like he said? Hmmmmm...

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05-12-2013 , 11:27 AM

#19

SGT RJ

Twitching

Join Date: Feb 2009 Posts: 49,109

Quote:

Originally Posted by Pokerho

Nice sentiment, and I appreciate it, but why now? The timing of it (waaaaay late) makes me assume there is a specific reason that benefits Phil in some way.

He basically explains why now - the recently released audio tape made him realize just how badly he was taken in.

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05-12-2013 , 11:27 AM

#20

NoahSD

Is Right

Join Date: Aug 2005 Posts: 18,843

He was paid with stolen money. He would not have been paid had his bosses not stolen money.After he learned of this, he continued to work for the company and continued to be paid of stolen money. His job at the site was to encourage people to deposit on it; lots of those people then had their money stolen.

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05-12-2013 , 11:29 AM

#21

tdomeski

Carpal \'Tunnel

Join Date: Oct 2003 Posts: 8,321

Quote:

Originally Posted by schu_81

In some cases if you profit from fraudulent activities at the expense of other's losses you can be required by law to payback all of your ill-gained profits in an effort to make whole those that lost - whether you were in on it or not. And I'm talking about people without any day-to-day involvement with the fraudulent entity.

Seems entirely reasonable to at least consider someone who worked, and profited heavily (millions of dollars), for a company that stole millions may be liable for some clawback. Obviously because of the jurisdiction courts won't be involved, but holding him accountable as a community isn't as close to outlandish as you think it is.

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05-12-2013 , 11:31 AM

#22

Kenny S

adept

Join Date: Sep 2010 Posts: 1,183

I'll tell you why he should be expected to pay money back to UB players.....because he just said that he stayed with UB (collecting millions) for one reason...so that players would get paid back and what happened? UB stole an incredible amount more from the players while paying Phil millions. So who rightfully should be the recipient of those millions? Phil or the players it was stolen from?

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05-12-2013 , 11:35 AM

#23

sthief09

Josh.

Join Date: Feb 2004 Posts: 20,654

the Madoff claw backs are a pretty decent comp for this. people were forced to pay back millions simply for not reporting suspicious activity. it wasn't a requirement for them to be complicit. they just failed to use proper judgment.

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05-12-2013 , 11:37 AM

#24

Kenny S

adept

Join Date: Sep 2010 Posts: 1,183

Quote:

Originally Posted by tdomeski

This is a good point. The owner of the Mets Fred Wilpon was sued for $300 million dollars because he profited from Bernie Madoff and eventually settled for $162 million. Now Wilpon had no idea that Madoff was a crook but he was cashing in on the fraud and the money he received wasn't rightfully his.

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05-12-2013 , 11:37 AM

#25

BlackjackAJ

journeyman

Join Date: May 2005 Posts: 280

Quote:

Originally Posted by NoahSD

Exactly. Comparing this to Jordan/Nike is a stretch. He should be concerned enough about his reputation and ability to continue profiting from poker that he attempts to make restitution with real action, not simply release a statement via his agent and stick his head back in the sand.

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