Dewey management accused of 'running Ponzi scheme' in lawsuit brought by ex-partner

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  • When I heard the phrase 'Ponzi scheme' used to describe the fiasco a Dewey some weeks ago, I first took it with a pinch of salt.
    After reading the evidence contained in the complaint from Henry Bunsow it is hard not to see the Dewey partnership system, at least in its dying days, really as a true Ponzi scheme.
    Quite incredible that such a prestigious firm could fall so low.

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  • Where can we get a copy of said complaint? Link please (assuming it is online)?

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  • It's like no ponzi scheme I've ever heard of - each 'victim' gets a guaranteed £3.2m dolla a year. Oh to be a victim.

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  • Oh dear... an interesting perspective...

    http://www.scribd.com/doc/96985827/Bunsow-Complaint

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  • For those who want the essentials, skip to para 24.
    Un-be-lievable.....

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  • WOW

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  • A copy of the complaint is now embedded in the article but for ease, see here: http://www.thelawyer.com/pdfs/TheLawyer_Bunsow_Complaint.pdf

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  • The identified defendants may not be the only ones dragged into this law suit.
    Does anyone know how to spell RICO?

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  • If it is the case, as this alleges, that Davis withdrew his capital when ousted as chairman: what a scumbag. If he managed to get his capital out, did any of the other ringleaders manage to do the same?

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  • I hope Anon @ 2.50pm is being facetious. If not I have a great investment opportunity for them with huge guaranteed returns for a small (large) unsecured downpayment...

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  • Ponzie scheme it is! Even partners who left Dewey in 2006-2008 never got their capital repaid, although it should have been repaid within 3 years. It is now clear that the capital was used to pay Dewey's management their guarantees and there was no intention on the part of the likes of Davis, DiCarmine, Kessler & Co to ever pay the capital back. RICO is the word.

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  • Wouldn't you be put on notice that something was wrong if reported PEP was $2m (even if inflated) and they were offering you a guaranteed $5m. How many others are taking home more than the average? You don't need a lot more information before it doesn't add up.

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  • Sorry, but OMG! This is a must read complaint. And how is it credible that he was guaranteed $5 million a year? The question that jumps out for me is, if Dewey was run like this, could it really be the only firm which made "aggressive" promises to attract laterals? In the uncoming downturn, as the tide recedes, we may see others who have also been swimming sans bathers.

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