Professional Poker Player, Former Broker Charged With Embezzlement

A professional poker player has been charged with embezzling client funds for the sole purpose of playing online poker, casino gambling and buying football game tickets.

Evan Kochav, 33, of Jersey City, New Jersey, is a former broker who worked at Red Bank-based firm, White Cedar Group, LLC.  He was indicted yesterday by a state grand jury on second-degree charges of theft by deception, money laundering and misconduct by a corporate official.

Between October 2012 and April 2014, Kochav allegedly stole approximately $561,745 that he solicited from 10 investors, according to the complaint.

Officials claim Kochav spent much of his investors funds at casinos in New Jersey, Pennsylvania and Florida.  He also used the money on at least two unnamed poker websites.

If convicted, Kochav is facing up to 10 years in state prison and a fine of up to $150,000.

Kochav’s biggest take on the live poker tournament circuit was back in 2005 at the United States Poker Championship in Atlantic City where he finished in first place and walked away with $ 71,820.

Two years ago he finished 2nd at the Borgata Holiday Series $350 +$50 No Limit Hold'em event.

- Ace King, Gambling911.com