Standard Backing, one of the largest staking groups in the world, has publicly accused Raechel Whetstone of stealing backer’s funds that should have been handed over following a significant tournament cash.
‼️A warning to the #poker community‼️
We started working with Raechel Whetstone @secretrachita a few months ago and after her first large win she claims the funds were immediately stolen by one of her roommates. pic.twitter.com/TlP2ydsN8e
— @standardbacking (@StandardBacking) October 4, 2023
Whetstone won a $400 deepstack event at the Venetian in Las Vegas at the end of August for $8,364 and Standard Backing claims that $7,300 of that belongs to it.
However, rather than handing over the money, Whetstone made up a story that her roommate, who is a regular drug user, stole the cash from their home. She has since admitted that she misappropriated the funds.
It is correct that I misappropriated Standard Backing’s funds. I screwed up, and created a story in an attempt to buy myself some time. I have every intent to pay the amount owed.
We arranged a small weekly payment plan of $50/week. As per our contract, I was aware there
— Raechel Whetstone (@secretrachita) October 6, 2023
Whetstone explained that after four weeks of making an agreed payment of $50 per week the numbers were updated to include a previously agreed upon penalty of 100% the amount not paid.
Now, Whetstone is facing a total debt of $14,700 whilst struggling to pay even $50 every week and she’s not happy, thinking this is unfair and over the top.
Regarding the current dispute, Standard Backing said:
“She started a payment plan but after just 4 payments told us: ‘Why would I continue paying weekly if I know one missed payment can result in something negative?’”
Now, Whetstone wishes for a member of the poker community to act as an arbiter, which Todd Witteles has agreed to do.
Raechel Whetstone Responds
Whetstone tweeted the following statement to explain her position:
So it’s in order here. pic.twitter.com/vsbXkVazmw
— Raechel Whetstone (@secretrachita) October 6, 2023
What she has to say all sounds very reasonable but there was further information added to the thread with one poster recognising her from Las Vegas card rooms.
She can’t stay away from the slots
— Scott Schneider (@holdem213) October 5, 2023
Many times. She would always dust off her poker winnings the same night/next day
— Scott Schneider (@holdem213) October 5, 2023
Most of these stories end up with some kind of degeneracy being revealed sooner rather than later. If this is true, then Standard Backing might struggle to get their money back and they certainly won’t have any joy in the courts.
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