Nov. 9 (Bloomberg) -- Steven Begleiter cracked a smile of resignation when his luck ran out at the World Series of Poker.

The 47-year-old former Bear Stearns Cos. executive two days ago was in position to double his $22 million in chips with a pair of queens showing to his opponent’s ace-queen combination. When the dealer flipped over an ace on the final community card, Begleiter’s run was over at the No-Limit Texas Hold ‘Em world championship in Las Vegas.

While he fell short of the $8.55 million top prize, his sixth-place finish earned $1.59 million for Begleiter, who was head of corporate strategy at Bear Stearns before it collapsed and was bought by JPMorgan Chase & Co. in 2008. It was his second time playing in the $10,000 buy-in main event.

“I had so much good fortune over the course of the tournament, it was hard to complain,” Begleiter said in a telephone interview. “For so many guys, a hand like that happens on Day 1 and you never hear about them. I was fortunate to avoid it.”

After 15 hours of play over the weekend, the nine-man final table is down to two: 21-year-old professional poker player Joe Cada, who’s seeking to become the youngest main-event champion, and 46-year-old Darvin Moon, a self-employed logger from Maryland. Cada has $136 million in chips -- having recovered from being down to $2 million at one point two days ago -- to $59 million held by Moon.

The two will go head-to-head for the championship at the Rio All-Suite Hotel and Casino. Play begins at 10 p.m. local time in Las Vegas.

Begleiter’s Run

Begleiter spent 24 years at Bear Stearns and was a member of the bank’s management and compensation committees. The firm fell apart in March 2008, brought down by excessive leverage and large bets on subprime mortgage bonds.

Two months later, Begleiter took winnings from his hometown poker club in Chappaqua, New York, and headed to the World Series of Poker. He lasted three days last year, finishing just outside the money.

This year, during eight days in July, he and eight others emerged from the field of 6,494 to reach the final table. He was third in chips among the final nine, with $29.9 million.

After 13 hours of play at the final table, he went all-in with his remaining $22 million and the pair of queens. He was beaten when professional gambler Eric Buchman paired the ace in his hand “on the river,” the last of the five cards shared by all players in Texas Hold ‘Em.

‘Wasn’t Meant to Be’

“Going out that way makes it easier,” said Begleiter, who’s now a senior principal at the private-equity firm Flexpoint Ford LLC in New York. “I had to make the play. It wasn’t meant to be. I walk away with my head held high.”

Begleiter was supported by members of his Chappaqua poker club who made the trip to Las Vegas and chanted “Begs! Begs! Begs!” whenever he won a big hand.

Among those he beat out was professional poker player Phil Ivey, who finished seventh, and he’s already planning on making a return trip in 2010.

“I’m going to chase the rainbow for as long as I have my marbles,” Begleiter said.

To contact the reporter on this story: Erik Matuszewski in New York at matuszewski@bloomberg.net

Last Updated: November 9, 2009 00:01 EST