I don't think the bracelet bet thing is a huge deal. It's the same as embellishing your handicap at golf and hustling people, like Phil Ivey used to do. It's dirty for sure, but not outright cheating.
The multi-accounting issue is far worse. That actually is cheating, as it's against the rules at Stars, and players are supposed to have reasonable assurances that their opponents are who they say they are.