Unfortunately for this motley group of would be casino scammers, they did not make out quite so well as Mr. Clooney and  Mr. Pitt did in the Ocean’s 11 films.

Four men were recently indicted in an attempted high stakes theft in the Borgata Casino/Hotel according to this article from PressofAtlanticCity.com.

Apparently the foursome attempted to real in a high stakes player of Chinese Poker, Backgammon, and Chess. The games were set to be played in a hotel room at the Borgata. Unknown to the mark, surveillance equipment was set up in another room.

Their plot was uncovered before they they were able to defraud their mark. The charge they face is second degree attempted theft by deception. Each could face 10 years in prison plus fines. All are out on bail.

So please, for all of your own safety, don’t go playing in shady casino games that aren’t in the casino, but tucked away in a hotel room.

Here is the rest of the list of personal financial lessons that can be learned from the great game of poker. What can’t it do?

Lesson 4 - Don’t Buy Into Appearances

People put up fronts at the poker table. Everyone knows that. Figuring out what exactly the front is may be more difficult if they are good at it. But don’t forget that people do it in life too. Keeping up with the Jones’s is a great way to put you in debt. How much do you think Mr. and Mrs. Jones owe on that new car? I’ll keep my used hatchback thank you and enjoy my credit score and peace of mind.

Lesson 5 - Don’t Go On Tilt

Getting a bad beat is hard to handle sometimes. No matter how cool you are, sometimes there is a hand that gets to you. The good players feel that way too but the difference is they don’t play under those conditions. Walk away from the table for a bit when you feel a tilt (which requires some self-awareness that only comes with paying attention to yourself). Same is true with your money off the felt. When something gets you down, don’t drown your sorrows with a spending spree you can’t afford. If your stocks lose value, don’t panic. Stay cool and make a dispassionate decision when your able.

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Ultimate crybaby Phil Helmuth is the spokesman for UltimateBet.com which has recently been at the center of an alleged cheating ring. (more…)