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Since the late 1990’s, Kirk Sanford has defrauded clients and investors out of hundreds of millions of dollars.
An Arizona Department of Gaming Investigation uncovered that Kirk Sanford from 1999 to 2002, while Chief Executive Officer of casino cash access and ATM company Global Cash Access Holdings “GCA”, had obtained State licensing through fraud, had conspired with USA Payment Systems to defraud banks out of $6.1 million and defrauded VISA and Bank of America
out of an additional $26 million.
Arizona Investigation Link: http://www.docstoc.com/docs/8218110/Global-Cash-Access-Notice-of-Intent-to-Deny-Gaming-Services-License
In October 2007, Sanford resigned from GCA immediately before an announcement of an investigation into the company. In late 2007 and 2008 GCA stockholders named Sanford as a major defendant in five lawsuits alleging Securities Fraud, Breach of Fiduciary Duty and Violations of the Securities and Exchange Act.
Newspaper Article Link: http://www.lvrj.com/business/17575549.html
In 2007, Sanford, after his resignation from GCA, became Co-Chief Executive Officer of Xyience Incorporated. Within a few months, Xyience was in bankruptcy. The Trustee in the Xyience Bankruptcy Case alleges in a complaint before the U.S. Bankruptcy Court that Sanford with Xyience Co-Chief Executive Officer Adam Frank and Xyience President Omer Sattar engaged in a conspiracy to defraud Xyience investors out of the $200 million company. Part of their plan entailed putting the company into bankruptcy to wipe out the shareholders' and creditors' investments.
Newspaper Article Link: http://www.lasvegassun.com/news/2009/dec/31/trustee-files-complaint-xyience-energy-drink-bankr/
U.S. Bankruptcy Court Trustee Complaint: http://www.docstoc.com/docs/20757963/Xyience-Liquidation-Trustee-Complaint
Sanford and Sattar have formed a new company, Sightline Payments, LLC, a casino cash access and ATM company similar to GCA and are looking for new clients and investors to defraud.
Sightline Link: http://www.sightlinepayments.com/
The complaint has been investigated and resolved to the customer’s satisfaction.
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http://writingfortruth.blogspot.com/search/label/Kirk%20Sanford
Kirk Sanford is a lifelong scam artist. I sat across from him and listened to him talk about "scorched earth" in relation to bankrupting Xyience.
Don't let this guy take your money or sell you a line of crap. He screwed almost 400 shareholders and smiled the whole time like he was doing them a favor.
What did he owe the Fertittas? Why did he do all this for Fertitta Enterprises?
Did it have anything to do with the big Global Cash Access contract with Station Casinos?
Were they engaged in a combined skimming operation, or did GCA steal from them? Call it mis-coding, call it skimming, call it theft, call it "business" all you want. The reality is that this has been Sanford's way of getting easy money for a long time now. Station Casinos and the Fertittas either liked their style or needed fall guys like Sanford, Kathryn Lever, and Omer Sattar from GCA--people who owed Station Casinos and the Fertittas a "favor." Look up Sanford and Karim Maskatiya's court history. You'll find a Civil RICO case they lost in the 90s. This is nothing new to them.
Station Casinos is now following the same protocol in their Casino BK process that they did with Xyience. They have themselves set up as the stalking horse bidder, and you can bet they'll go as high as they have to in order to retain the company. As long as they don't have to go over a couple billion it's cool. The cost of the re-purchase will be far less than what it costs to pay all their debt. Good thing Gordon Biersch and the UFC are hot commodities. The Fertitta brothers Lorenzo and Frank III might have to borrow some money from their cuz: Tillman Fertitta.
Keep your eye out for the Usual Suspects. See all their pictures at www.xyiencesucks.com, but for now I've attached Kirk's mugshots.