Deputy Editor
Indicted Supreme Court lawyer Tom Goldstein, who is facing 22 counts, including tax evasion and bank fraud, says he’s a net loser of $10 to $15 million at poker. That’s despite Goldstein having several eight-figure wins in heads-up matches.
A feature in the New York Times details some of Goldstein’s poker escapades. According to the story, Goldstein endured swings of tens of millions of dollars. He won huge amounts but had sold most of his action, and all the while, he was getting crushed in ring games in which he had most or all of himself.
Goldstein will go to trial this month in Maryland. He succeeded in getting some of the minor counts thrown out, but he’s still facing serious charges that could land him in federal prison. The prosecutors have offered a plea deal in which Goldstein accepts five years of prison time, but he’s adamant he’s done nothing wrong and won’t accept any deal that includes time behind bars.
Goldstein Tells NY Times of High-Stakes Heads-Up Swings
Goldstein detailed the progression of his poker career to the Times. According to Goldstein’s telling, he befriended nosebleed regulars Paul Phua and Dan Bilzerian. That became his ticket into some of the biggest games in the world.
Goldstein said he began by taking out a $10 million loan. In spite of his highly successful career in law, he needed capital to kickstart his bankroll. He said he then lost $9 million of that jet-setting to various cash games with Phua.
However, Goldstein was winning big in heads-up matches against whales. He said he won $13.4 million against an anonymous whale in Manila. He won almost another $10 million from someone known as “Chairman.” After flying back home to the U.S., Goldstein won more than $26 million against Alec Gores.
Stakes weren’t detailed in the story, but Goldstein’s $50 million win “only” wound up putting about $12 million in his pocket. He had sold more than 70% of himself.
Goldstein’s winning streak ended when he faced Bob Safai. Safai, who has appeared on several high-stakes poker streams, took Goldstein for $14 million, and Goldstein neglected to sell for that match.
Goldstein recovered by playing an anonymous “Southern businessman” heads up over a series of sessions. He told the Times he won $50 million in the matches, but again, his investors reaped the bulk of the money. Goldstein said he scooped about $15 million from the matches.
Despite the massive wins, Goldstein said he lost between $10 and $15 million, as he got fleeced in ring games along with the big heads-up loss to Safai. The story, along with quotes from players like Bilzerian, paint the picture of a reckless player who can only implement an ultra-loose strategy in heads-up games and can’t adjust to the more snug ranges of traditional ring games.
Goldstein’s publicly available results certainly support the big ring game losses. Highroll Poker has him as a $2.7 million loser in one session.
Charges Against Goldstein Remain
All the while, as Goldstein was living the high life of a nosebleed poker player, a federal tax investigation closed in on him. The government alleges that Goldstein committed numerous acts of tax fraud. These included classifying personal loan payments as business expenses to reduce his taxable income.
Goldstein doesn’t dispute that this occurred, but calls it an administrative error.
The terms of Goldstein’s bail prevent him from playing poker. He said he plans to return to playing nosebleed poker after he secures an acquittal.
