Poker Player Known as ‘The Don’ Convicted for $1.2 Billion UK Property Fraud

Written by:
Ace King
Published on:
Achilleas Kallakis

A Greek businessman, known as ‘The Don’ on the international poker circuit, has been convicted for a $1.2 billion United Kingdom property fraud.  Those convictions include two counts of conspiracy to defraud. 

Achilleas Kallakis, 44, and co-conspirator Alexander M. Williams, also 44, defrauded banks to borrow 740 million pounds ($1.18 billion) and acquire 16 properties, the U.K. Serious Fraud Office said in a statement.

The complaint alleges that the two men borrowed 29 million euros ($38.5 million) from the Bank of Scotland to convert a passenger ferry into a yacht for Kallakis’s use.

During the trial it was revealed that Kallakis used the fraud proceeds for a fleet of chauffeur-driven Bentleys, a private plane, helicopter, a luxury yacht moored in Monaco and a collection of high-value art, according to Bloomberg News.  

Kallakis finished 3rd in the 2005 UK Open Shootout - No Limit Hold'em, winning $100,000.  This was his highest placement on the live poker tournament circuit to date. 

- Ace King,