Ilitch partner enters settlement agreement in fraudulent transfers case

Michael J. Malik, Sr., has entered into a Settlement Agreement filed in Florida Federal Court in which a court appointed Receiver (Michael I. Goldberg) contends Malik received $620,000 in fraudulent transfers. Under terms of the Agreement, Malik has twelve months to repay the Receivership or face further penalty.

The case against Malik (Goldberg v. Malik) stems from a $300 million ponzi scheme case the SEC brought against one-time concert promoter John P. Utisck (Jack Utsick) and his affiliates including Worldwide Entertainment.

Court records indicate Bruce Glatman, believed to be a California resident, was the matchmaker who brought Malik together with then Florida-based Utsick. Utsick has since taken asylum in Brazil. It's not clear how Glatman came to know Malik or the scope of other dealings between Glatman and Malik.

Malik's primary business attorney William Serwer was also involved in the transactions that resulted in the fraudulent transfers.

Malik has been the gambling and casino development partner of Detroit's Marian Ilitch for more than a decade. They bankrolled efforts during the 1990s to legalize gambling in Detroit. She is now sole owner of Detroit's MotorCity Casino.

Mrs. Ilitch and her husband Mike Ilitch are co-founders of Little Caesar's Pizza and owners of the Detroit Red Wings hockey franchise. Mike Ilitch owns the Detroit Tigers baseball team.