Fifth Third Bank v. Michael J. Malik, Sr.A
complaint filed by Fifth Third Bank, a Michigan Banking Corporation, on 4.03.09 in the Oakland County (MI) Circuit Court, alleges that Detroit casino syndicator
Michael J. Malik, Sr. is in default on a $1 million line of credit which was granted on 4.05.07 and had matured 9.01.08.
In total, Fifth Third Bank alleges Malik failed to repay total indebtedness of $992,499.48.
Malik is the casino development partner of Mrs.
Marian Ilitch. Ilitch and her husband
Mike Ilitch are co-owners of the
Detroit Red Wings NHL franchise and founders of
Little Caesars Pizza. Mike Ilitch owns the
Detroit Tigers and Marian Ilitch is sole proprietor of Detroit's
MotorCity Casino. Malik was once a partner in MotorCity Casino but was forced to sell his shares in the commercial gaming hall when he failed to receive a gaming license from the
Michigan Gaming Control Board (MGCB). Over the last decade, Malik and Marian Ilitch been behind various controversial Native American casino proposals in CA, MI and NY.
In the last several years Malik has been charged in various legal matters including a fraudulent transfer case in Florida related to a $300 million SEC alleged Ponzi Scheme (
Goldberg v. Malik); multiple counts of illegal political campaign finance activities in California (
2006 &
2009) ; and illegal
discharge of firearms in Arizona.
Fifth Third Bank v. Malik:
Complaint (including promissory note)
