Phil Ivey borrowed $11 million from Full Tilt Poker

Posted by Steve Ruddock on Jul 30, 2011 Posted in Poker Gossip, Poker Player News | No Comments »

According to the website SubjectPoker.com, after some internal bookkeeping it has come to light that Phil Ivey and David Benyamine have received millions of dollars in loans from Full Tilt Poker, with Ivey reportedly on the receiving end of some $11 million in “advances” of which over $6 million has yet to be repaid.

Subject Poker, has broken a number of stories on this front and seems to have a major source inside Full Tilt Poker, so this story has to be given some serious credence –especially when you look back to the Full Tilt Poker statement immediately following the announcement of Phil Ivey’s lawsuit. In the statement from Full Tilt they mentioned that Ivey owed the site a large sum of money:

“Contrary to his sanctimonious public statements, Phil Ivey’s meritless lawsuit is about helping just one player – himself. In an effort to further enrich himself at the expense of others, Mr. Ivey appears to have timed his lawsuit to thwart pending deals with several parties that would put money back in players’ pockets. In fact, Mr. Ivey has been invited — and has declined — to take actions that could assist the company in these efforts, including paying back a large sum of money he owes the site. Tiltware doubts Mr. Ivey’s frivolous and self-serving lawsuit will ever get to court. But if it does, the company looks forward to presenting facts demonstrating that Mr. Ivey is putting his own narrow financial interests ahead of the players he professes to help.”

David Benyamine seems to have received similar payments –on a smaller scale—according to Subject Poker, but perhaps more troubling was the allegations that Benyamine was able to withdraw funds from his Full Tilt Poker account after Black Friday, even though Benyamine’s account is registered in the US; Subject Poker has also heard from several sources that Benyamine was overhead on the phone with Full Tilt higher-ups discussing buy-ins for WSOP tournaments from his sponsorship deal.

You can read the entire story at SubjectPoker.com

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