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Poker pro Varkonyi sues hedge fund for investment losses
Posted 3/30/11 : The business news publication Forbes reports that former World Series of Poker champion Robert Varkonyi and his wife Olga have launched litigation against Chetan Kapur and his hedge fund firm, ThinkStrategy Capital Management, seeking the return of a $1.4 million investment.
The suit alleges that the fund had been invested in other hedge funds managed by Arthur Nadel, an enterprise which turned out to be a $168 million Ponzi scheme.
Varkonyi's legal claim runs to 42 pages and was filed recently in a New York State court, charging that his $1.4 million investment will likely be 'decimated' by the improper liquidation of the hedge fund that began in November.
Varkonyi and his wife claim they are “entitled to a return of their investments.”
Forbes observes that Varkonyi, who used to work for Goldman Sachs, exemplifies the growing connection between Wall Street and poker, but that sometimes navigating successfully between the poker and investing worlds is not easy.
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