Phil Ivey Assets to be Seized, Rules Federal Judge
Phil Ivey’s assets in Nevada may be seized by Borgata Hotel and Casino. A federal judge in New Jersey gave the Casino the green light to go after Phil Ivey assets in Nevada.
After winning a lawsuit in 2016, Borgata is yet to get even a dime of the $10.16 million. The hotel managed to prove that Phil Ivey, together with a fellow professional poker player, Cheng Yin Sun, cheated the casino out of $10.16 million over several sessions back in 2012. According to the court documents, the two players used an “edge sorting” technique which allowed them to use defects on the back of the cards to win in baccarat.
To recap, Ivey won about $9.6 million playing baccarat over several sessions. He then used the winnings to net an extra $500,000 at the craps. The court ruled that Ivey should return the $9.6 million together with the $500,000 which he won using the baccarat winnings.
During the same period, Ivey also went on a rampage in London. Using the same edge-sorting technique, he managed to net $12.4 million at Crockfords Casino. However, the casino refused to pay out. The courts also upheld the casino’s decision to refuse payment.
Phil Ivey assets
Unfortunately, Borgata has been unable to compel Ivey to repay the $10.16 million. According to court documents, Phil Ivey doesn’t have assets in the Garden City. The only asset that Ivey had in the state is a Wells Fargo bank account. The bank account was empty and the Casino alleges that Ivey transferred his winnings to a Mexican bank account.
In October 2018, Borgata moved to locate other Phil Ivey’s assets in the country. That’s when they filed a motion in New Jersey after finding a couple of Ivey’s assets in Nevada. The casino is likely to go after the assets to force repayment.
Through a legal statement, Borgata noted that “Although the extent of Defendant Ivey’s business holdings is unclear, it is believed that Ivey Poker, LLC is the entity behind Ivey League, Ivey’s poker oriented website.”.
Borgata’s legal team also wrote that “Ivey’s holdings have been estimated at $100 million, and the above shows these holdings, at least those that are ascertainable, are based in Nevada. Ivey has also disclosed a luxury home in Cabo San Lucas, Mexico on his social media account. It is possible that one of Ivey’s Nevada entities is the ultimate owner of this home.”
Interestingly, Ivey’s legal team did not object.
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