Novel investment
The head of a New York-based law firm has told a federal jury in Maryland that his firm profited from investing in ex-US Supreme Court advocate Tom Goldstein’s high stakes poker games.
made a $90,000 profit
Napoli Shkolnik co-founder and partner Paul Napoli testified on Thursday that his firm invested $500,000 in Goldstein’s poker play and made a $90,000 profit.
Goldstein is facing allegations from the Feds that he didn’t disclose millions of poker winnings in his tax returns after his moonlighting was revealed in January to the shock of the US legal community.
Brilliant but disorganized
Goldstein’s defense attorney Jonathan Kravis is arguing that his client tried to be tax compliant but made mistakes because of his busy schedule.
chief financial officer considered the notion “crazy.”
Napoli, meanwhile, told the jury his NY firm took the risk on Goldstein because it seemed like “a fun, interesting investment.” The law firm boss, however, acknowledged that Napoli Shkolnik’s chief financial officer considered the notion “crazy,” according to Reuters.
The Maryland court also heard from another high-profile lawyer, Darren Robbins, who told jurors he declined Goldstein’s offer to invest in his poker play.
NY boss Napoli also told the jury that his firm had to chase Goldstein for the $90,000. Goldstein ultimately honored the repayment.
According to reports, the fact Goldstein paid up and that he was open about his poker sideline could aid his defense. Federal prosecutors, however, are hoping the testimonies of Napoli and Robbins will illustrate to jurors how Goldstein’s gambling “intersected with his professional relationships” and that he was a risk taking high-roller.
Moonlighting for millions
According to the federal indictment, Goldstein won $26.4m in 2016 over multiple heads-up matches against a Beverly Hills executive. Goldstein himself disclosed in December that the businessman was the billionaire founder of the Gores Group, Alec Gores.
Also in 2016, Goldstein took his winning ways to the Philippines, making $13.8m from a poker player referred to as “Tango” and $9.96m from a gambler dubbed “The Chairman.”
Testimonies are ongoing with proceedings in the Greenbelt, Maryland court set to continue into late January.
