World Ponzi Tour Lyle Berman takes a bath with Bernie Madoff fraud
by Dan Michalski, Feb 9, 2009 | 2:28 pm
Tough times for Lyle Berman … the World Poker Tour and PokerTek honcho apparently lost a bunch of money to the Russ Hamilton of Wall Street.
Kevin Mathers says:
February 9th, 2009 at 4:33pm
You could include LACO’s 6 month chart as well.
DanM says:
February 9th, 2009 at 5:06pm
Ah, yes, here’s the LACO chart:
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I’m not sure I fully understand the difference between WPTE and LACO, btw.
Kevin Mathers says:
February 9th, 2009 at 5:09pm
Berman owns over 4m shares in LACO, while he only has 2m shares of WPTE. Also, 7.50 to 2.50 is more impressive a fall than $1.00 to 0.40.
DanM says:
February 9th, 2009 at 5:11pm
Right, I can see that, but in terms of what the companies do. Doesn’t Lakes have something to do with the production or distribution of the WPT?
Kevin Mathers says:
February 9th, 2009 at 5:14pm
They used to, before they disposed of all their shares in WPTE back in November. But I guess you’re point is more towards poker than the casino biz, my bad.
DanM says:
February 9th, 2009 at 5:19pm
Honestly, I don’t know that I have a point. 🙂 I just see a dude struggling, economy or otherwise, and I couldn’t help but point it out.
Chris C says:
October 20th, 2009 at 10:31am
Madoff had his hand in everything, even poker. Such a shame for everyone involved.