2002 World Series of Poker Champion Suing New York Hedge Fund for Fraud

Published on 2011-03-30 10:16:00

According to Forbes.com, 2002 World Series of Poker champion Robert Varkonyi and his wife are suing a New York hedge fund for fraud.

According to the Forbes.com article, Varkonyi and his wife reportedly made a $1.4 million investment in Chetan Kapur's ThinkStrategy Capital Management TS Multi-Strategy Fund back in early 2008.

The article claims that "Kapur's hedge funds had been invested in the Sarasota, Fla., hedge fund managed by Arthur Nadel, which turned out to be a $168 million Ponzi scheme". Varkonyi "alleges his investment in Kapur's TS Multi-Strategy Fund may be decimated by the improper liquidation of the hedge fund that began in November".

Arthur Nadel, who has been dubbed as the "Mini-Madoff", was sentenced to 14 years in prison back in October of 2010.

Varkonyi and his wife, Olga, are seeking the return of their $1.4 million investment.

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Robert Varkonyi currently has over $2.25 million in total lifetime tournament cashes, with the bulk of this money ($2 million) coming as a result of his win in the 2002 World Series of Poker main event.


Source: Forbes.com - Poker Champion Accuses Hedge Fund of Fraud

Photo: GreasieWheels.com

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Filed Under: Random Poker News