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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Comments (60)

  1. Posted by Anonymous | September 22, 2011 at 4:11 PM

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

    Charles P.

  2. Posted by Guest | September 22, 2011 at 4:20 PM

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

  3. Posted by Guest | September 22, 2011 at 4:27 PM

    He's right.

  4. Posted by Guest | September 22, 2011 at 4:41 PM

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

  5. Posted by Guest | September 22, 2011 at 4:42 PM

    What about our legitimate year?

    - FTP Doug

  6. Posted by guest | September 22, 2011 at 4:58 PM

    Full-Tilt Poker scheme > Social Security > Madoff

  7. Posted by Guest | September 22, 2011 at 5:00 PM

    And hostesses resent being called ho's.

  8. Posted by guest | September 22, 2011 at 6:25 PM

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

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

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