This week, the Michigan Appeals Court ruled that the MGM Grand Detroit Casino is not liable for over $6 million lost by investors who decided to back construction projects only to find they were duped the worst gambler on earth. The Court of Appeals upheld a previous ruling and rejected the claim made by investors stating they were scammed by a player and the gambling venue should have to pay them back their losses
Investment Money Spent on Gambling
Gino Accettola was given millions for various construction deals in the states of Florida and Michigan starting in 2014. The money provided by investors was supposed to go towards the projects but was instead used by Accettola to fund his gambling activities.
Accettola visited the MGM Grand and played blackjack with the funds and was eventually found out. The group of investors sued him and were able to win in the fraud case. Accettola was sentenced to seven to 30 years in prison for his crimes.
The investors then decided to sue the casino where their money was spent. The group felt that the casino should be held liable for the loss. The investors stated in their lawsuit that the casino should have checked on Accettola and stopped him from spending money that was not his.
While at the MGM Grand, Accettola was given an extended line of credit along with various perks including discounted hotel rooms and free meals. The investors stated that the casino treated Accettola like royalty because of their money and that the casino should have conducted a background check.
If they had, they would have supposedly found that he was not employed and did not have a source for the millions of dollars he was using to gamble. He also had a criminal history where he was involved in larceny and identity theft.
The Appeals Court ruled that the casino acted in good faith and based on customary business practices. The court pointed out that the casino should not have to pay back losses due to a fraud gambling at their facility.
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