UK Booster Donor Busted For Illegal Pyramid Scheme

#1
Lawrence Wright

Lawrence Wright

Troll Brother #1
Joined
Sep 14, 2009
Messages
21,464
Likes
18,422
#1
Slow news day...

Major UK athletics donor busted for pyramid scheme
by Drew Franklin @ 4:24 pm. Filed under Blue Blooded Opinions

Paul Orberson has been very generous to the UK athletics department over the years but that will be coming to an end now that he’s been busted for running a pyramid scheme. Orberson’s Danville-based Fortune Hi-Tech Marketing company has been operating a “massive pyramid scheme” involving more than 100,000 people, announced today by Kentucky Attorney General Jack Conway. Conway said criminal penalties could be involved, since violating Kentucky’s pyramid scheme law is a Class C felony.

Orberson donated $1.6 million to UK in 2002 for the Paul Orberson Football Complex offices in the Nutter Training Facility. He’s also the man behind the $100,000 winning bid at the Hoops For Haiti telethon to have a private dinner with the Caliparis and Ashley Judd in the Calipari home.
Click to expand...
 
  • Like
Reactions: 1 person
#3
#3
Real question. I dont know how the legal system would work. If its illegal money in a sense and lawsuits could come along. Would uk have to put the money away and give it back
 
#4
#4
RollinVol said:
Real question. I dont know how the legal system would work. If its illegal money in a sense and lawsuits could come along. Would uk have to put the money away and give it back
Click to expand...

I don't know, I dont think MTSU did when they had a big booster jailed for some fraud somethingorother a few years ago...
 
#11
#11
Most likely scenario for UK: They take his name off of everything.
 
#12
#12
Brian McCat said:
Most likely scenario for UK: They take his name off of everything.
Click to expand...

It seems like they would be compelled to give money back, rather than simply be enriched by what was stolen from others. That said, if whatever he gave has been spent, then IDK what happens. It's not like they're going to be forced to sell whatever building he funded.

Obviously, it's not good for a major booster to be a suspected criminal involving large sums of money. He's accused of essentially stealing a ton of money, and he is known to be close to UK athletics as a major donor. It could be that all he did was give some of the loot to his favorite school.
 
#13
#13
How so? It was a gift, no takebacks. He's on the hook for paying back investors, not UK.

UK really isn't responsible for the money that they received unless they knew that it was the devil's money.

Pyramid schemes are a travesty, but the bigger travesty is those who foolishly invest in them.

ukvols said:
It seems like they would be compelled to give money back, rather than simply be enriched by what was stolen from others. That said, if whatever he gave has been spent, then IDK what happens. It's not like they're going to be forced to sell whatever building he funded.

Obviously, it's not good for a major booster to be a suspected criminal involving large sums of money. He's accused of essentially stealing a ton of money, and he is known to be close to UK athletics as a major donor. It could be that all he did was give some of the loot to his favorite school.
Click to expand...
 
#14
#14
I'm not saying UK did anything wrong.
But, if they took his money and deposited it in an account, and it's sitting there, it seems like they would have to return it.

If I steal your TV and then give it to my friend as a birthday present, and the police later learn that I took it and that my friend now has it, surely the original owner would be able to retrieve the TV.
 
#15
#15
Certainly, a TV is easier to trace and retrieve than money, but it still seems 'wrong' for a rich athletics department to essentially, though unknowingly, benefit off of what may have financially destroyed some innocent people. The victims might even be fans, FWTW.

Consider having your life savings swindled away and then learning that it went to build a rich athletics department a new building. Of course, I'd personally be more upset if my money went to Tuscaloosa, but that's not the point.
 
#16
#16
Brian McCat said:
How so? It was a gift, no takebacks. He's on the hook for paying back investors, not UK.

UK really isn't responsible for the money that they received unless they knew that it was the devil's money.

Pyramid schemes are a travesty, but the bigger travesty is those who foolishly invest in them.
Click to expand...

Whatever was bought with "That money" UK will have to payback or everything in that building will be auctioned off to repay the victim's. /End thread

Wtf does a "gift" have to do with it? If I stole 100k and gave it to my friend and he bought a BMW, and I was caught? Do you think they would let him keep the BMW?
 
Last edited:
#17
#17
The reason I brought it up was because I'm not sure how ponzi and pyramid were different by legal chance. I know from the madoff scheme people who got money from the scheme had to return money. I didn't know if there was the same kind of recourse for pyramid schemes.
 
#18
#18
This, I agree with.

I think everything is built, and they are busily taking down name plaques today.

ukvols said:
I'm not saying UK did anything wrong.
But, if they took his money and deposited it in an account, and it's sitting there, it seems like they would have to return it.

If I steal your TV and then give it to my friend as a birthday present, and the police later learn that I took it and that my friend now has it, surely the original owner would be able to retrieve the TV.
Click to expand...
 
#19
#19
Obama's been stealing my money and giving it to "victims" for years. Where's my returned money? :)

RollinVol said:
The reason I brought it up was because I'm not sure how ponzi and pyramid were different by legal chance. I know from the madoff scheme people who got money from the scheme had to return money. I didn't know if there was the same kind of recourse for pyramid schemes.
Click to expand...
 
New posts
You must log in or register to reply here.

VN Store



Back
Top