Brian:

People working for entities, like the Club, which are entrusted with money, owe a fiduciary duty to the Club and its members to use sound business judgment when investing such money. There may be additional restrictions for non-profit educational groups as well, but I do not know the law in that area either. A losing wager on a roulette wheel would certainly be viewed as a breach of that fiduciary duties by the court, and the those entrusted with the money could be liable to pay that money back. Would you make that wager, Tom, knowing you might be personally liable to the club to replace the money if you lost (not that I take your suggestion too seriously anyway)?

Michael Siskin