Sunday, August 17, 2008

Two with ties to Ilitch organization involved in $300 million fraud case

Two with strong ties to Detroit’s Ilitch family involved in $300 million fraud case exposed by the Securities and Exchange Commission (SEC).

Michael J. Malik, Sr., the Ilitch family’s often controversial gaming partner and Gregory Young, formerly executive producer for the Ilitch-owned Olympia Entertainment (Detroit's Fox Theater), have been tied to a federal case charging Worldwide Entertainment, Inc. and Entertainment Group Fund, Inc. and their principal John P. (Jack) Utsick, and American Enterprises, Inc. and Entertainment Funds, Inc. and their principals Robert Yeager and Donna Yeager, in connection with a fraudulent offering that raised over $300 million from over 3,300 investors nationwide.

June 2008 charges filed in a Florida Federal District Court allege that Detroit casino syndicator Michael Malik was involved in a $2.1 million fraudulent transfer of funds – a so-called “Profit Payment” – involving the above parties. A receivership seeks to recover the $2.1 million plus related charges from Malik.

Greg Young, who was affiliated with Olympia Entertainment (Detroit’s Fox Theater) from 1998 – 2003, was affiliated with Utsick’s World Wide Entertainment Michigan, LLC. Young would reportedly become owner/operator of the Royal Oak Music Theatre in the greater Detroit-area and owed more than $400,000 to World Wide/Utsick. According to court documents and other reports, Young subsequently has partnered with AEG (Anschutz Entertainment Group); that agreement has reportedly provided Young with the $475,000 that will be returned to the World Wide, Utsick, et. al. receivership.

: Ilitch snares Young to develop commersh shows

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certainly must reads!

Ilitch has backed loosing sports teams and pizza, but casinos in Detroit? Forbes.com 10.09.06 ● Marian Ilitch #1 on "25 Most Powerful People" to Watch 2006” global gaming business o1.oo.o5 ● My Kingdom for a Casino Forbes 05.08.06 ● Big Lagoon’s casino dream awakens north coast journal 07.28.05 ● Shinnecocks launch legal claim to Hamptons land newsday.com 06.16.05 ● Ilitch Plans to Expand Casino Empire RGTonline.com 07.05.05 ● Ilitch outbids partners MichiganDaily.com 04.14.05 ● Ilitch enmeshed in NY casino dispute detnews.com 03.20.05 ● Marian Ilitch, high roller freep.com 03.20.05 ● MGM Mirage to Decide on Offer for Casino in Detroit rgtonline.com 04.16.05 ● Secret deal for MotorCity alleged freep.com 02.15.05 ● Los Coyotes get new developer desertdispatch.com 02.08.05 Detroit casino figure to finance Barstow project LasVegasSun.com 07.07.03 ● Indian Band trying to put casino in Barstow signonSanDiego.com 06.04.03 Pizza matriarch takes on casino roles detnews.com 10.23.02 ● Vanderbilt gets short straw in negotiations for a casino Lansing Journal 10.06.02 ● Indians aim to drive family from tribe in vicious dispute san diego union tribune 04.09.00 ●Malik owns 2000 Michigan Quarter Horse of the Year Michigan.gov 01.01.00 ● Detroit Team to run Michigan’s newest Indian casino detnews.com 05.23.99 Tiger ties tangle Marian Ilitch detnews.com 04.29.99 ● Three investors must sell their Detroit casino interests gamblingmagazine.com 04.25.99 ● Partners’ cash revived election; They say money was crucial to Prop-E detnews.com 04.25.99 Investors have troubled histories las vegas review journal 04.27.99 ● Investor served probation for domestic assault on 12 year old boy detnews.com 04.25.99 Can a pair win a jackpot?: local men hope to... crainsdetroit.com 03.17.97

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