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Las Vegas Casino sues over huge gambling debt

7/9/2009
According to court papers filed, a major Las Vegas casino is suing fraudster Allen Stanford for a gambling debt of over a quarter million dollars. The lawsuit was filed in a state court of Nevada by Bellagio LLC who is looking to recover $258,480. It is stated that Allen Stanford accumulated the debt in January of this year and 18% interest.

During Stanford’s visit to Las Vegas, this was paid for by his girlfriend as a Birthday treat for the Texas financier, he amassed the huge debt in the way of gambling markers. Gambling markers, are similar to credit, was then deposited by Bellagio but then was returned unpaid by Mellon United National Bank in Miami.

Allen Stanford has been accused of an alleged $7 billion Ponzi scheme which was on certificates of deposit (CDs) issued by his company’s offshore bank, which was based in Antigua. Stanford then used the money to fund a very abundant lifestyle that included luxury homes in the US and in the Caribbean and a fleet of private jets.

It was in February when Stanford’s assets were seized, that it left him broke. He has a 21-count criminal indictment and also denies any unlawful activity.
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