Las Vegas Sands Chairman Sheldon Adelson’s bad decisions have cost the corporate hundreds of millions of dollars, and a court should take control of the company, a shareholder says in a by-product complaint in Clark County Court.
William A. Sokolowski says he bought shares in Las Vegas Sands in February 2012, and that since then decisions largely made by Adelson and current and previous board members have violated fiduciary duties to shareholders.
Sokolowski wants the court to take control of the corporate and shareholders reimbursed for losses. The 78-page complaint accuses Adelson of “operating the corporate in an illegal manner, including knowingly violating and thereafter covering up of, inter alia, various provisions of the Foreign Corrupt Practices Act, the Bank Secrecy Act, the Securities and Exchange Act of 1934, and the Sarbanes-Oxley Act.”
Sokolowski says Sands board members have done nothing to “implement appropriate controls to forestall hundreds of millions of bucks from being paid out without appropriate documentation or authorization, acquiescing in money laundering on the company’s casinos in violation of the Bank Secrecy Act and by wasting corporate assets in an individual vendetta against his former colleague, Steven C. Jacobs, the previous president of Sands China, who has just settled a lawsuit on this court.”
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