Latest on Feldman court drama

Brit poker player Andrew Feldman takes Rabbi to court to reclaim cash after investment partnership turns sour. Feldman is down £140,000 after loses on spread betting venture.

British Full Tilt Poker player Andrew Feldman's court battle against former investment partner Simon Nissim continued this week with the court hearing details of the pair's ill-fated spread betting venture.
After meeting Nissim through a Jewish charity in Hendon, London, Feldman turned to the Rabbi for assistance in recovering some £700,000 he lost from playing high stakes poker. It was agreed that Nissim would make investments on his behalf on the Dow Jones index, swapping the gamble of the poker table for the risk of stocks and shares.

At the start of the relationship, Feldman agreed to cover any loses that the spread betting venture incurred. However, after a series of losing bets he was presented with a bill for £140,000 by Nissim. Feldman is now contesting this figure and trying to claim back the cash on the basis that Nissim used the account to place his own bets, which is something Feldman never agreed to. It seems that the pair agreed to place 4-5 bets per session, but in one particular session a total of 77 bets were placed in just a four hour period.
Nissim, not surprisingly, has a different version of events. His representative, Richard Ritchie advised the court that Feldman was prepared to lose £200,000 on the venture, and that after every losing session, Feldman told Nissim to continue placing bets.

Mr Ritchie advised reporters outside court, ''This was obviously because this was not his money that was at risk. Now that the account has come to an end and it is time to pay up, Mr Feldman is refusing to pay on the basis that Mr Nissim has somehow cheated him. That is absurd. Why would he wish to cheat Mr Feldman?"

As the case is set to continue for sometime it looks like there is no immediate end in sight to the poker player's financial woes. The 21 year old was known as being one of the UK's most successful high stakes cash players, but it is rumoured he has lost up to £700,000 playing high stakes poker. He first earned notoriety when he triumphed in the 888.com UK Open IV in October 2007, the $250,000 prize being a welcome boost for a player who had already won and lost six-figure sums while still in school.