Greektown businessmen Ted Gatzaros and Jim Papas conspired... with a Maryland businessman to bilk the federal government in a multimillion-dollar loan scheme, a federal prosecutor said in court papers Wednesday.The government alleges that Gatzaros and Papas defaulted on loans in the early 1990s, then paid a Maryland businessman, William Schainker, to illegally acquire the defaulted loans at a large discount at a federal auction. Schainker then transferred the notes to Gatzaros and Papas, the government said. It said the plan was designed to clean up Gatzaros' and Papas' financial problems ... LINK HERE
Businessman pleads guilty to illegal loan buyback... William Schainker, 59, a Maryland businessman, pleaded guilty in U.S. District Court in Detroit to helping Greektown Casino founders Ted Gatzaros and Jim Papas repurchase loans Papas and Gatzaros had defaulted on.
LINK HERE
Man fined in loan scheme with ex-Greektown Casino figures - 2004-12-02... A federal judge has leveled a fine against a Maryland businessman and placed him on two years' probation for defrauding the federal government. This is in connection with loans to former Greektown Casino figures Ted Gatzaros and James Papas.
U.S. District Judge George Steeh on Wednesday accepted a prosecutor's request that William Schainker, 61, of Chevy Chase be spared imprisonment because of his help with the investigation.
Lynne Weaver
3 comments:
Wow, does this ever show the kind of people these individuals two are, and the kind of people Boushor, Causley, McCoy and Pine are...birds of a feather stick together Director Hollowell beware, choose your allegiences carefully; you've started down a slippery slope. Thanks, Chuck Forgrave
How right you are Charles. Any director who isn't doing their homework on such huge financial
decisions do not deserve to be handling our money. Any of them voting in favor of doing business with those known for dirty dealing should be removed before they completely destroy our tribe.
We have a board crafted of shysters to carry the vote their way and they have found some directors to be really easy to sway. I wonder why that is...don't you?
I am quite any of the governmental agencies who have an eye on tribal proceedings are well aware of the reputations of the individuals that the dark half of our board is striking deals with. Anyone who is standing close will be suspect to all kinds of underhanded dealings. I hope the gain they are looking for is worth trading any integrity they have left when all is said and done.
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