UltimateBeat – Too much to lose is the culmination of more than five years of investigation into insider fraud at UltimateBet, an online poker site built at the start of the poker boom. When the company admitted insider cheating in 2008, a shockwave tore through the poker community shredding a paper thin wall of trust. Players believed site operators had far too much to lose to ever engage in shady behavior. But site owners did more than steal from their customers. They engaged in an active cover-up of the amounts stolen and who was involved. They conducted their own private audit/investigation and decided exactly how much they wanted to refund to the cheated players with no verifiable or public report on the process. The likelihood is that they paid out far less than they took.
These same founders continued to profit from shareholdings and ongoing operations even into 2012. Maybe worst of all, technology developed by the founders to detect and prevent the exact kind of fraud committed is now facilitating the growth of an online security company with serious privacy considerations and the possibility of a near-future multi-hundred million dollar buyout.
Only one individual is named by the gaming license authority and he was never arrested, charged or prosecuted for stealing millions of dollars in player funds. The case is unique in a large crowdsourcing effort bringing much of the information to light and forcing the company to pay back more than it intended.
About Scott (ElevenGrover) Bell – Director/Writer/Producer
Scott Bell has worked in digital graphics and video since the 80s. He is also a network engineer and ran a company building video production systems before transitioning into online poker during the boom years. Bell played mainly tournaments on the major online sites.
He combines poker knowledge with several years of investigative journalism devoted to unraveling a complicated and fascinating story of runaway greed. During the investigation, he wrote over 100k words about the case on the Deadmoneybook blog and has assisted two law firms with brief preparation in actions against site founders. He has also written and self-published a science fiction novel about the coming intelligence explosion.