Spending on mistress, gambling focus of fraud trial
WILMINGTON Federal prosecutors charged today that the operator of a Newark student loan business spent more than $800,000 of his company’s money on a mistress and gambling in the months before he declared bankruptcy in 2002. Assistant U.S. Attorney Shannon Hanson said Andrew N. Yao lied under oath to hide those facts just as a judge was deciding whether to take control of the Newark-based …
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Gambling history facts:
- Gambling is Often Legalized to Promote Economic Development of Depressed Areas. That was an important motivation in Las Vegas, Atlantic City, New Jersey, and many of the other locales for casinos.
- 1946: Two famous landmarks open: Bugsy Siegel's Flamingo, and the Golden Nugget. Nevada levies its first gaming tax.
1949: Benny Binion sets up a high-stakes poker game at his Horseshoe casino between Nick "The Greek" Dandalos and Johnny Moss. It turns into an epic five-month poker match, laying the foundations for the World Series of Poker. - One of the oldest casinos in Europe, at Baden Baden in Germany, was opened in 1748 by Edouard Benazet, who employed Parisian craftsmen to design the stylish rooms.
- During the 1950s, the Senate Committee to Investigate Organized Crime in Interstate Commerce held a number of hearings on criminal influence in the casino industry. The committee was chaired by Senator Estes Kefauver, and the committee is also known by his name.
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