Seiver was chasing his second WSOP bracelet but it was Chiu who ended up joining an elite group of poker players who have won five bracelets.
Chiu overcame a very tough final table that included Michael Mizrachi, Seven-Card Stud specialist Freddie Ellis and 2010 WSOP POY Frank Kassela to win the $145,520 first-place prize.
Michael Mizrachi Busts Fourth, Freddie Ellis Third
Mizrachi had the unique opportunity to become just the third player in history to win a bracelet in four consecutive years.
Instead Seiver busted Mizrachi in fourth place and the Grinder will have to wait another day to take a crack at history. He did receive $43,188 for coming in fourth.
Freddie Else then busted in third place to set the stage for a new school vs. old school showdown between Seiver and Chiu.
This time experience won out as Chiu’s chip lead proved to be insurmountable for Seiver. Seiver picked up $89,980 for coming in second.
The unassuming Chiu, who won his first bracelet way back in 1996, has quietly amassed a solid collection of poker results including five WSOP bracelets and a WPT World Championship title.
The Chinese American now has just over $7.4 million in lifetime live tournament results.
Here are the complete final-table payouts for the tournament:
1st: David Chiu - $145,520 2nd: Scott Seiver - $89,980 3rd: Freddie Ellis - $59,127 4th: Michael Mizrachi - $43,188 5th: Frank Kassela - $31,978 6th: Gary Benson - $24,003 7th: Matthew Ashton - $18,266 8th: Adam Friedman - $14,086Visit www.pokerlistings.com