Eldorado manager and part owner Raymond Poncia skimmed by buying substantially appreciated property from the hotel casino for less than its true market value and below book value.  The transaction violated several Federal and Nevada State laws. 


The casino was willing to sell its land for $2,500,000,  so the manager sold the Downings a portion at a profit and then he bought a portion at a loss for the casino.   The profit made on the sale to the Downings exceeded the loss on his purchased.  The transactions were hidden in a double blind escrow to make it look like the Downings were buying all the land.

       

 

the hide

the downings thought that they had the right to buy Poncia’s acquired property for what he had paid. this was to facilitate a 1031 tax free exchange.

 

The skim

the eldorado manager bought eldorado property for below book value..he bought 2/3 of the land for 10% of the total paid to the Eldorado

 
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