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Stanford sued by casino

Published on 3 Sep 2009 under category: legal

Financier Sir Allen Stanford is being sued for more than a quarter of a million dollars over gambling debts.

The billionaire, who has previously been accused of being involved with Ponzi scheme fraud crimes, is having this action taken against him by a Las Vegas casino, those involved with commercial litigation may be interested to hear.

Sir Allen is being sued for £258,480 (£158,271) by Bellagio LLC, a lawsuit filed earlier this week has revealed.

It is claimed that these debts were run up in January of this year, with the quoted figure including interest payments of 18 per cent, commercial litigation lawyers may be interested to learn.

Earlier this year, Sir Allen's funds were frozen by the Serious Fraud Office due to his links with Ponzi schemes.

The financier is facing charges related to investment fraud crimes worth billions of dollars, with this action being taken shortly after Bernard Madoff was sentenced to 150 years in prison for his involvement with a Ponzi scheme.

If you require advice on Commercial Litigation please call us on +44 (0)20 7831 0101 and ask for Andrew Pena.