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Bellagio suing accused swindler Allen Stanford

3 September 2009

HOUSTON, Texas -- As reported by Reuters: "A swanky casino on the Las Vegas strip is suing accused swindler Allen Stanford for repayment of a gambling debt of more than a quarter million dollars, according to court papers.

"Bellagio LLC seeks to recover the $258,480 debt Stanford accrued in January 2009 plus 18 percent interest, according to the lawsuit filed in state court in Nevada on Tuesday.

"Stanford is accused of running an alleged $7 billion Ponzi scheme that regulators described as "massive." The fraud centered on certificates of deposit (CDs) issued by the firm's offshore bank in Antigua, prosecutors said.

"Stanford used proceeds from the CDs to fund a lavish lifestyle that included a fleet of private jets and luxury homes in Texas, Miami and the Caribbean, according to U.S. prosecutors..."

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