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Old 05-12-2013, 10:52 AM   #1
Kevmath
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Phil Hellmuth statement on UB

I received the following statement from Phil Hellmuth's agent, Brian Balsbaugh:

Quote:
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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Old 05-12-2013, 10:55 AM   #2
Mattraq1
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Pretty sick

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Old 05-12-2013, 10:56 AM   #3
LOLRussians
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Re: Phil Hellmuth statement on UB

Love Phil
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Old 05-12-2013, 10:57 AM   #4
Siggo
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Re: Phil Hellmuth statement on UB

The amount of money stolen through UB/AP is unbelievable!
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Old 05-12-2013, 10:58 AM   #5
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Re: Phil Hellmuth statement on UB

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


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Old 05-12-2013, 11:00 AM   #6
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Re: Phil Hellmuth statement on UB

It is remarkable that he manages to see himself as a victim in this situation.
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Old 05-12-2013, 11:02 AM   #7
TheG0ldenJ3w
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Re: Phil Hellmuth statement on UB

respect, Mr. Hellmuth... These Lock Pro Scumbags should read this statement very very carefully
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Old 05-12-2013, 11:06 AM   #8
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Re: Phil Hellmuth statement on UB

Quote:
Originally Posted by Josem View Post
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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Old 05-12-2013, 11:06 AM   #9
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Re: Phil Hellmuth statement on UB

He's right about one thing...

Spoiler:
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Old 05-12-2013, 11:08 AM   #10
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Re: Phil Hellmuth statement on UB

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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Old 05-12-2013, 11:11 AM   #11
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Re: Phil Hellmuth statement on UB

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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Old 05-12-2013, 11:15 AM   #12
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Re: Phil Hellmuth statement on UB

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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Old 05-12-2013, 11:21 AM   #13
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Re: Phil Hellmuth statement on UB

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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Old 05-12-2013, 11:21 AM   #14
sthief09
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Re: Phil Hellmuth statement on UB

Quote:
Originally Posted by NoahSD View Post
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)?
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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Old 05-12-2013, 11:21 AM   #15
wineguyATL
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Re: Phil Hellmuth statement on UB

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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Old 05-12-2013, 11:22 AM   #16
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Re: Phil Hellmuth statement on UB

Quote:
Originally Posted by NoahSD View Post
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)?
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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Old 05-12-2013, 11:24 AM   #17
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Re: Phil Hellmuth statement on UB

Quote:
Originally Posted by Josem View Post
It is remarkable that he manages to see himself as a victim in this situation.
Does he?

Quote:
Originally Posted by MoikeAA View Post
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
Quote:
Originally Posted by Side of Mayo View Post
He's right about one thing...
Agree

Quote:
Originally Posted by NoahSD View Post
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)?
Will never happen....nor should it (see below)

Quote:
Originally Posted by sthief09 View Post
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.
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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Old 05-12-2013, 11:24 AM   #18
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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?

Quote:
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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Old 05-12-2013, 11:27 AM   #19
SGT RJ
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Re: Phil Hellmuth statement on UB

Quote:
Originally Posted by Pokerho View Post
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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Old 05-12-2013, 11:27 AM   #20
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Re: Phil Hellmuth statement on UB

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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Old 05-12-2013, 11:29 AM   #21
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Quote:
Originally Posted by schu_81 View Post
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.
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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Old 05-12-2013, 11:31 AM   #22
Kenny S
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Re: Phil Hellmuth statement on UB

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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Old 05-12-2013, 11:35 AM   #23
sthief09
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Re: Phil Hellmuth statement on UB

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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Old 05-12-2013, 11:37 AM   #24
Kenny S
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Re: Phil Hellmuth statement on UB

Quote:
Originally Posted by tdomeski View Post
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.
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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Old 05-12-2013, 11:37 AM   #25
BlackjackAJ
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Re: Phil Hellmuth statement on UB

Quote:
Originally Posted by NoahSD View Post
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.
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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