Ted Forrest Charged with Defrauding Wynn for $270,000

September 5th, 2016 | by Brian Corlisse
 Ted Forrest owes Wynn money.

Ted Forrest is in hot water with the Wynn Casino after borrowing more than $200,000 that he couldn’t pay back. (Image: YouTube.com)

Ted Forrest, a six-time WSOP bracelet winner, has been accused of trying to defraud the Wynn Casino in Las Vegas by using checks he wasn’t able to cash.

According to a criminal complaint filed with the Las Vegas Justice Court on September 2, Forrest allegedly wrote two checks totaling $215,000 to the Wynn back in 2012.

Using the checks, Forrest was able to get a credit line to play at the Wynn, but after it emerged that he was unable to cover their value, the casino moved to take action against him.

Agreement Not Kept

Initially the case was a civil matter and in 2013 the poker pro signed a confession of judgment through which stated he owed the Wynn $270,000.

Following the judgment, Forrest was supposed to make a single payment of $170,000 and then 10 payments of $10,000.

However, as of 2015, court documents show that Forrest had not complied with the agreement. The case was then closed, but following a dispute by Forrest, the Wynn has now moved to press criminal charges against him.

As outlined in the September 2 filing, Forrest has been charged with two felonies, including drawing and passing a check without sufficient funds as well as theft.

An arrest warrant has since been issued for Forrest, but his attorney Chris Rasmussen has stated that he will ask for this to be recalled in a hearing later this week. Additionally, Rasmussen believes that his client does not owe the casino money.

Despite winning more than $6 million in live tournaments, Forrest is one of poker’s old-school players and appears to have issues managing his bankroll.

Bankroll Management Issues

As well as winning millions at the felt, Forrest was one of the original share holders in UltimateBet’s parent company, Excapsa.

With more than 10 million shares, Forrest had a considerable stake in the company and will have likely received several million dollars following Excapsa’s IPO on the London Stock Exchange.

Despite raking in millions over the years, it seems as though Forrest is still in need of casino credit which raises the question: where has his money gone?

Although Forrest may not be at the top of the poker tree, he is still an active player and managed to cash three times at the WSOP this summer for a combined haul worth more than $79,000.

While that’s not quite enough to clear his debt with the Wynn, it would be a start. However, with Forrest’s attorney maintaining that he doesn’t owe anything, it looks as though the two parties will have to settle the dispute in court sometime in the coming weeks.

One Comment

  1. sid wyman says:

    i thought steve wynn was smarter than that. I would think that he would know that the man can’t pay his marker right now but why get all the bad press of using the DA for a collection angency. why not make him a poker host or some other title and use him to promote his poker room that way he would sometime get his money back he would provide a man a job instead of disgracing him further which does no one any good you can’t get money from someone that doesn’t have it. in closing i know that a long time ago he did just what iam suggesting now and that seems to have worked out really well for wynn and the other unnamed person

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