Poker backer "Standard Backing" accuses Vegas grinder Raechel Whetsone of stealing backer's share of money

[Mission146]

This one isn't as simple as it first appeared, and public sentiment is definitely turning against Standard Backing at the moment, due to their unreasonable penalty enforcement.

Many on Twitter are calling them "usurious", and some are even suggesting to Raechel that she should stiff them entirely as a result.

She mentioned "arbitration", yet I don't know what she means. Someone they already know? Professional arbitration? The latter would be way too expensive for a matter of $7,300.

I volunteered to arbitrate for free. We will see if they take me up on it.

In any case, here are the facts:

1) Raechel and Standard Backing both agree that she stole the $7,300 which was supposed to have been paid to Standard Backing. So right there, it's clear that, at minimum, Raechel owes them $7,300.

2) Standard Backing allowed her to pay $50 per week, which she acknowledges was "lenient" (and I agree).

3) Both sides agree that she made 4 payments, and then couldn't keep paying.

4) There is some disagreement/confusion regarding when Raechel knew about the penalty, and the amount of it.


Here's my opinion at the moment:

1) Raechel needs to get a job and start earning the money back. It is ridiculous that she asserts she can't afford $50/week.

2) Standard Backing needs to drop the 100% penalty, regardless of what was agreed to. In fact, that penalty may be illegal anyway. In fact, they should drop all of the penalties and just focus upon the $7,300 owed.

3) Standard Backing DOES have a right to be skeptical regarding her ability/willingness to pay regularly. That was the reason they demanded the penalty, so this way she is incentivized to keep on schedule with the $50 payments, which will indeed take about 3 years to pay off, even if she sticks to it. However, the penalty isn't really the way to go here, and right now we see exactly why.

4) Raechel needs to voluntarily assign $100 from every bi-weekly paycheck (or $50 from each weekly paycheck) to Standard Backing, once she gets a job. If she already has a job, she needs to do this now. A voluntary assignment is similar to a wage garnishment, except it's one where the employee agrees to allow a third party to take part of their wages.

5) The wage assignment above is important, because Raechel seems to have a gambling and self-control problem, and this is the only way Standard Backing can be assured she regularly pays.

Alternately, if Raechel can somehow get backing with another person, in lieu of a job, she needs to have part of the backing deal involving paying back Standard Backing. They can be paid back out of profits, at some sort of agreed-upon rate. And the new backer needs to be informed of this, and agree to it. However, I think a job would be better at this point.

You guys can burn me on the cross, if you wish, but if someone ever had the audacity (regardless of circumstances) to suggest that I face a penalty of 100% of the amount owed, I would also tell them to go fuck themselves.

The fact of the matter is the capricious, and often (if ever) not legally enforceable penalty is nothing more than an intimidation tactic.

Calling Raechel out publicly is also an intimidation tactic, but it's not her they are trying to intimidate. They sanctimoniously claim that they are doing this call out for the benefit of the poker community, but I am, at best, highly skeptical of that claim. What I think is more likely is that they are trying to send a message to other low-stakes players that accept their backing that this could happen to them, as well.

Just think about this for a second: Could you guys imagine if Capital One, or something, had a Twitter account and just fucking listed all of the people who missed payments with them? They would, almost certainly, be sued into oblivion.

That's not to say that it's impossible to have a positive experience with this Standard Backing, I personally wouldn't know, but in, 'Exposing' Whetstone, they have also exposed themselves for being strong-armers with ridiculous (at best) business practices.

That's not to mention that their current offer involves getting a 'Bonus,' which basically amounts to them partially backing an event whilst taking a percentage less than that, after you have participated in 100 events in eighteen months. The obvious goal of this is to incentivize low-limit grinders to play in as many events as possible (which Standard Backing will likely be backing them on) in order to achieve the bonus. Should low-limit grinders really be incentivized to play more events? Should they be put into a position where perhaps they find themselves in financial difficulty (after a bad run) because they didn't want to lose what they perceive as the value from this bonus?

Should poker players be encouraged to learn to play WELL or just to play MORE? We know the casinos just want them to play more. Could others share that goal?

In any case, I find it pretty amazing how Standard Backing (the party who was obviously wronged in this instance) to call out Raechel Whetstone (the party who wronged them), and arguably, come out of this whole call out looking worse than she does.

As far as the $50/week is concerned, if I'm going to be agreeing to a sum like $50/week (as Standard Backing) in the first place, then I'm still going to expect a person to miss the occasional payment. In any other context, this would all be seen as just the cost of doing business. Did anyone ask, "What's going on now that you can't afford $50?" Does Standard Backing even give a shit about Raechel, who they entered into business with in the first place? Can anyone ever really give a shit about a person when they threaten them with a 100% penalty?

I also remain curious about how much cash are they actually OUT. Specifically, what percentage of her did they have in that Venetian tournament? I would suggest $7,300 minus that percentage (converted to cash based on the prize) is the amount of money they are actually OUT. I still tend to believe 1k-2k, but perhaps Raechel can enlighten us. I mean, if you're publicly calling someone out over 1-2k when you're supposedly a successful backing company, one of the Top 5 in the world, as they so proudly declare...you've sort of crossed the line into just being petty. These guys should piss a thousand dollars.

I wouldn't give Standard Backing direct access to my payroll information OR even tell them who my employer is, were I Raechel. Have you not seen what they have already done? Do you really put it past them to, once paid, call up Raechel's employer and attempt to do something that would cause her to lose her job? Imagine that for future intimidation! Not only will we call you out publicly, we will also ruin your entire life and jeopardize your job or potential career. These guys value retribution over all else, in my opinion.

I'd also rework the deal to be monthly. Them making it a weekly thing is just begging for a missed payment so they can strong arm people some more. What's wrong with just making it $200/month? Someone could easily have the money and miss a weekly payment by mistake.

If Standard Backing wants to act like loan sharks, then pay them as loan sharks. $200/month until paid, but I definitely do not suggest giving them any information whatsoever about what you are doing or where your money is coming from.

Now, if as part of that deal, SB wanted Raechel to attend some sort of gambling counseling, that sounds like it would not be unreasonable. They should encourage this. You either care about the people you're working with or you don't. They obviously don't, but they can make a show of it.

[Mission146]

Hey, you guys remember that scene from White Men Can't Jump where they have to take the pictures of Woody Harrelson looking like he had been killed so they could use them to threaten other people who might not pay on time?

Damndest thing---I haven't seen that movie in forever, but something made me think of that.

[MattSoleyn]

This whole thing should get litigated before a court

[Mission146]

This whole thing should get litigated before a court

I've actually got a series of articles coming out; two of the three will consist of a lengthy interview with Raechel Whetstone herself. She hides absolutely nothing in this interview and is a very sweet and intelligent lady, as far as I can tell.

What actually happened to the money? You'll get to find out.

[Dan Druff]

I've had some back and forth with Raechel in Twitter DM. She gives kinda short answers for the most part, but the impression I've gotten from her is that she's not an awful person, but rather just a slot degenerate who got out of control.

It does seem she wants to make this right.

The fact that she's facing all of this and admits she stole the money, rather than running off like almost everyone else in stories like this, already says a lot.

Time will tell, but I see her differently now than I did at the beginning of this story.

[Mission146]

I mean...you could have hid that behind a spoiler. LOL

[Dan Druff]

Segment about Raechel and this whole situation on my last PFA Radio show...

Go to 0:46:18 mark:

[Mission146]

Parts 1 and 2 (of 3) are live:

https://wizardofvegas.com/articles/d...iction-part-1/

https://wizardofvegas.com/articles/d...iction-part-2/

The interview with Raechel Whetstone begins in Part 2, but obviously, everyone should also read Part 1 anyway.

[JeffDime]

Figured I bump this thread because I missed Mission’s article and others should read it as well

May start a new thread if I think this will get much discussion. But it’s pretty crazy that we are now seeing a guy raise (it looks like) about 2.1 Million to play mainly on these high limit cash games that will be streamed from the Wynn for the WPT. Rampage is one of the #AboveTheFelt crew and is a WPT ambassador. Think it’s safe to say he’s got a lot of passive income that allows him to take such risks.

I have little doubt he will raise all the funds. We are talking millions of dollars here. He tries to come off so causal about the whole thing. I really don’t know what to say about it other than it’s incredible the ease in which he is able to get this kind of money together. What started out as people selling small pieces of themselves in tournaments, has grown to a guy being able to raise millions to play in streamed cash games. Astounding, but not surprising at the same time what is happening with these staking sites.

I do think it’s easier for a guy like Rampage to get money from the public using a Staking site then it would be to get private investment. Not saying he wouldn’t get it, but it would take alot more effort to raise 2 million plus privately imho. It’s just so much fucking money. Even with current inflation 6 Million bucks seems to be a pretty good amount of money to have for a lifetime. I mean, there are really good movies that made less than what he’s asking at the Box Office.

BTW he’s being extremely short about what exactly he is raising, as seen in his video, and then asking people to DM him if they have questions. But the funding is all going through Stake Kings. So I would think transparency is key here. I’m sure it’s tempting to take funds privately, especially if it’s a big number and they want to save the .05% surcharge by Stake Kings. But I’m guessing the deal includes all backers to go through the site.

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