By Christine Duhaime, B.A., J.D., Gaming Attorney & Certified Anti-Money Laundering Specialist
Semion Kronenfeld, a Toronto businessman, was indicted in Las Vegas for theft related to a failure to repay gambling debts to two casinos, including the Venetian, incurred over five years ago. It's the second largest Vegas casino debt collection action.
In 2009, Terrance Watanabe, the wealthy former owner of Oriental Trading Co., was indicted on allegations he failed to pay $14.75 million in casino debts. He countersued Harrah's Entertainment Inc., before both sides reached a confidential settlement in July 2010.
Kroenenfeld was treated like a high roller and advanced credit by the casinos. In earlier court documents, he claimed to have lost his fortune from a real estate market crash he says took place in Toronto. He apparently owned a company called AJGL Developments and Electronic Liquidators.