How ridiculous is this?
http://news.yahoo.com/s/ap/20110623/ap_ … -container
Any thoughts anyone?
I don't think this lawsuit will get anywhere, since the players seemed to be careful to stay within the confines of what California law allows. "Home games" are allowed as long as no third-party takes a cut (known in the poker world as the "rake") and as long as they don't take place in residential homes. They played in hotels and the only third party being paid was the caterer/planner, so I don't think there's a case here.
The lawsuit would basically have to claim that Maguire and the others who won money from this man were "gifted" that money, and therefore they have to give it back since those funds were basically stolen as part of a Ponzi scheme. I think the courts will reject that claim. In some states anyone receiving cash over a certain dollar amount has to make a reasonable effort to ensure those funds are legitimate and not from an illegal enterprise ("reasonable effort" usually includes a call to the IRS), so if California has that there is a chance they could pursue the lawsuit on those grounds, but I still doubt that strategy will work.
How much jailtime did the ponzi scheme guy get? Just asking because now might be an ideal time for me to start a ponzi scheme, everybody throw some money in, I will go hit vegas. If I win we win, if I lose we win!
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