ponzi schemes

Lawyer Representing Some Of Fult-Tilt Poker Resents The Ponzi Scheme Label

Did FTP maybe commit a crime? Yes. Was the crime it committed a Ponzi Scheme under the strict definition of the term? No.

Mr. Boss declined to address the substance of the charge because, he said, he did not represent all the individuals involved. But he said the Ponzi scheme language suggested an inherently flawed business model, which did not fit the charge, even if it were true.

“Even if, if a crime was committed, that doesn’t make it a Ponzi scheme,” he said, arguing that Full Tilt may have been mismanaged but was still an actual business. He said the term was not just wrong but “it’s loaded, particularly post-Madoff.”

[NYT]

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60 Responses to “Lawyer Representing Some Of Fult-Tilt Poker Resents The Ponzi Scheme Label”

  1. Anonymous says:

    right, and a gas station attendant prefers the label petroleum transfer engineer.

    Charles P.

  2. Guest says:

    Asked about that, Mr. Bharara said his use of the term “Ponzi scheme” was “colloquial” and not meant within “the legal definition.”

  3. Guest says:

    He's right.

  4. Guest says:

    Okay, lets just call it embezzlement. That sounds a lot better, doesn't it?

  5. Guest says:

    What about our legitimate year?

    – FTP Doug

  6. guest says:

    Full-Tilt Poker scheme > Social Security > Madoff

  7. guest says:

    OK my DJX puts are ITM$$$$ now its time to.hit up AC this weekend. EFF the Professor and his ugly barefooted sister.

  8. davidrusso says:

    Criminals, yes. Scumbags, most certainly. But gutsy. A pair of balls beats a royal flush.

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