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Florida Millionaire Fights Gambling Debt Court Ruling

18 March 2011 by admin

Jerome Powers is a Florida millionaire from Miami Beach and is the chief executive officer of Plum TV, a cable channel aired Aspen, Vail, Telluride, the Hamptons, Martha’s Vineyard, Nantucket, Sun Valley and, of course, Miami Beach. Powers is also a man fighting a $1.2 million gambling debt with the Mohegan Sun casino and against the Mohegan tribe.

Back in May of 2009, Powers took out a line of credit with the Mohegan Sun casino and lost $1.2 million. To pay off the debt he wrote six checks for the total amount, but none of the checks could pass through his bank and into the Mohegan’s bank accounts. The reason Powers’ bank said for the checks not being honored as that the account Powers was trying to get money out of was in fact closed.

Now Powers and his attorney, Thor Holth, are saying that the line of credit extended to Powers was an illegal gambling contract. Their reason for calling it illegal is that the Mohegan Sun is on tribal land and therefore outside of the Connecticut state jurisdiction and Connecticut state law. In other words, the credit line does not count outside of Mohegan land.

I am waiting for the Are Not’s and Are Too’s to start. Funny though that Powers considered the credit line perfectly legal when he took it out. After all, if it was illegal wouldn’t it have been illegal for him to gamble with? And if that is the case then he should have his hand slapped for gambling with illegal funds.

But really the Mohegan are being very calm about the whole thing. They did pursue the legal case for getting the money owed to them through a state court rather than their own court system. But perhaps they wanted to pursue the matter of Powers’ gambling debt in state courts so that he could not say that the Mohegan court ruling was illegal off of Mohegan land.

Apparently the state court agrees with the Mohegan as Judge Trial Referee Robert Leuba ruled in favor of the Mohegan and ordered that Powers’ assets could be attached to his gambling debt to pay off his $1.2 million gambling debt. Naturally, Powers has not be been forth coming in regards to information to his assets.

To back up his ruling, Leuba cited Supreme Court rulings in which credit lines issued by tribal casinos on tribal land are legal so long as the gambling done with the credit is legal. And since the Mohegan sun is a legal casino with a legal gambling operation offering game such as poker, slots and blackjack, the credit line issued to Powers is legal because the gambling he used it for at the blackjack tables was legal.

Unhappy with the idea of paying off a $1.2 million gambling debt, the Florida millionaire has filed for an appeal in the Appellate Court this past Monday.

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