Michael Mizrachi Stiffed Out Of $100k Prop BetAugust 2, 2012 10:33 am
Michael “The Grinder” Mizrach took to his twitter account recently to warn the poker community from accepting any bets from fellow poker player Giorgio Medici (right photo), who apparently failed to pay up on a $100k WSOP prop bet.
The two men were in Las Vegas competing at the World Series Of Poker, with Giorgio Medici having previously offered Mizrachi a $20k bet at odds of 5 to 1 that Mizrachi wouldn’t win a braclet at the 61 event series. Apparently the prop bet was officiated with a dozen or so text messages with Medici also requesting an address to send payment in case he lost.
Giorgio Medici almost lost his bet after Michael Mizrachi finished Event#30: $1,500 NL 2-7 Draw Lowball in 4th for $28,198, but Event#45: $50k The Poker Players Championship is where Mizrachi eventually sealed his $1,451,527 victory, as well as his bet with Medici.
Unfortunately for Mizrachi, Medici then welched on his deal claiming bankruptcy to the tune of $36.2 million, mostly real estate related, which seems to be confirmed in Georgia’s court record. Medici then later tweeted to Mizrachi:
“Hi Michael I am sorry but certain circumstances came up and I had to file bankruptcy. I listed you to in the list and I know you received letter from the law office Bricks. Again I am sorry but there is nothing I can do.”
Ultimately, not only was Mizrachi denied his winnings by Giorgio Medici, but he also had sold $9,500 of his action to friends, which he honoured in full putting him out a further $47,500 on the deal.
After offering Medici a payment plan to repay his debt, but being given the run around, Mizrachi seems to have given up collecting any money from Medici. However, he felt compelled to ward other wary gamblers from dealing with Medici by outing him on the social media.
“I don’t want this to happen to anybody else,” explained the Florida pro, before later adding: “I just heard Giorgio Medici stiffed a game for 50k! Wow! All coming out…my fault. I wish I knew before hand!”