Former NBA star Paul Pierce pays off $160,000 in long-term poker debt
Retired NBA star Paul Pierce has ended his long-running legal battle with Stephen Carmona. The settlement over the controversial Poker Debt suggests the pair have reached an agreement to resolve their feud, the website Radar Online reports.
Carmona filed the lawsuit in 2022, claiming he loaned Pierce $150,000 so he could participate in an impromptu poker game. Carmona claimed that after Pierce lost $140,000 at the poker table, he only returned $10,000.
Additionally, Carmona said he loaned Pierce an additional $40,000 so he could play again, without Pierce repaying any part of the second loan. Pierce has strongly denied any wrongdoing in response to the accusations.
Read the fine print
Pierce, who spent 15 years with the Boston Celtics before switching careers for a few more years, believed the agreement surrounding the loan was unenforceable. He emphasized that Carmona was willing to take the risk of possible losses in poker games.
As part of the settlement, Carmona agreed to waive all claims against Pierce and each party would be responsible for paying their respective legal fees. There is no problem of exchanging money.
In California, Gambling Debts are generally considered unenforceable and void. This means that individuals cannot be legally forced to repay debts incurred through gambling, whether in a casino or a private venue.
Exceptions exist for debts from licensed gambling establishments. If a person acquires a gambling debt at a legally permitted venue, such as a Tribal Casino, the debt is legally enforceable. The legal distinction is crucial as debts incurred in informal or illegal gambling settings remain unenforceable.
Pierce reportedly received a loan to play in a home poker tournament hosted by Carmona. Therefore, it will be an informal matter and therefore the debt cannot be enforced in court.
Legal issues continue
The recent settlement with Carmona represents an important step toward resolving one aspect of Pierce's complicated financial situation. However, there's more to come for Pierce, who was reportedly worth $70 million two years ago and is still battling various legal challenges.
This includes a $1.4 million settlement with the Securities and Exchange Commission (SEC) over charges of illegally promoting cryptocurrency securities. Last February, financial regulators attacked the NBA Hall of Famer for promoting EMAX without stating that he was a paid endorser.
The SEC also charged him with making false statements about the potential returns that could be realized by EMAX investors. Kim Kardashian, Floyd Mayweather and others are also involved in the same case.
Additionally, Pierce faces another legal hurdle, with JPMorgan Chase recently filing a lawsuit against him. He stopped making payments on his 2019 Range Rover in December 2021, the lawsuit states.
Court documents filed in Los Angeles Superior Court show Pierce agreed to pay $3,445.28 per month until the vehicle was paid off in full. When the bank filed suit a few weeks ago, the outstanding principal balance was $91,459.
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Source: www.casino.org
