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

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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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