Friday, October 12, 2007
Gambling puts escrow owner's license at risk
Daniel Sadek denies state charges he used company funds to get markers at Las Vegas casinos.
By JOHN GITTELSOHN
THE ORANGE COUNTY REGISTER
State officials accuse Daniel Sadek, owner of two Costa Mesa subprime lending companies and a related escrow company, of using $1 million in company funds to back personal gambling markers at Las Vegas casinos and are seeking to revoke his license.
"It's not true," Sadek said Friday. Sadek, who declined to comment further, has 15 days to request a hearing.
An accusation filed with the state Department of Corporations, which issues finance licenses, says that in April and May, Sadek obtained markers worth $1.02 million for gambling at the Wynn Las Vegas and Bellagio casinos based on funds from his company, Platinum Coast Escrow.
Markers are lines of credit issued by casinos to customers who provide information on their bank account balances.
In an 11-page accusation dated Oct. 1, state officials said that Sadek should be barred from "employment, management or control of any escrow agent" and that Platinum's license should be revoked. The accusation also called for similar sanctions against Miguel Vazquez, a Platinum employee.
A wrongful termination lawsuit filed against Sadek in 2006 also accused him of using $1 million in escrow funds for gambling markers at the Bellagio. In a May 2 interview, Sadek denied using escrow funds, saying that "the check was a mistake and never cashed and never written out of the company."
Loss of his escrow license could also threaten Sadek's lending licenses, which are issued by the Department of Corporations. Sadek owns Quick Loan Funding and Loyalty Funding, both based in the same building as Platinum Coast at 535 Anton Blvd. in Costa Mesa. Quick Loan laid off most of its employees in August.
ocregister.com
Title: QUICK LOAN FUNDING LTD (Company Report)
6-8 UNDERWOOD STREET , LONDON , N1 7JQ
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