This tape was alleged to be released by Travis Makar in 2013, but recorded sometime right around the time when a house linked to both Makar and Hamilton was uncovered on Two Plus Two over 5 years back (2008).
At different times, you hear the voices of Russ Hamilton, UB founder and iovation CEO Greg Pierson, Ultimate Bet attorney Daniel Friedberg, and Attorney Sanford “Sandy” Millar.
Hard to deny Greg Pierson was not involved in the systemic insider cheating and resulting coverup after listening to the full 3 hour tape, covering multiple meetings of the 4 getting their stories straight.
It has been suggested that Russ taped the meeting to help protect himself from being the fall guy when the money was used to fund multiple expenses at Ultimate Bet, and possibly even for Greg Pierson’s Wife’s legal fees (as suggested by Russ on the tape) after she had pled guilty for sex with a 16 year old boy in 2003.
Around 45 minutes, the cheating is discussed, along with potential scapegoats outside the insiders of the company, and how to deal with questions of who is to blame, even though Russ admits to the cheating (49:49) and how the money went to company marketing expenses.
Around 55:10 Russ and Dan Agree that “The business has to pay some. Greg has to pay some” and Russ agrees that “some should be paid by (him).”
Around 2:05, they discuss how the cheating that went on in the early days added value for UB investors when the site went public later.
Around 2:08, Russ gets angry, blaming the software guys for putting “it in there in the first place.”
2:12:30, they discuss the specifics of how to systematically lower the dollar amount of the cheating.
At 2:20, Dan mentions how Russ holds a disproportionate amount of shares of UB?, and Russ is adamant how he helped grow the business to a $400 million IPO, and Dan agrees.
For more information, check this thread on twoplustwo.com