“Girls Gone Wild” CEO Joe Francis Owes $2.5 Million

  

LAS VEGAS — According to reports, founder and CEO of the company “Girls Gone Wild” Joe Francis was indicted by a grand jury on charges of a staggering $2.5 million owed gambling debt to Steve Wynn, owner of Wynn Resorts Ltd.

Wynn Resorts Ltd. sued Francis over the debt back in 2009. The company won the lawsuit, however Francis has still refused to surrender the owed funds. Now, he’s facing much more serious criminal charges, such as felony theft and fraud. If he’s convicted, up to four years in federal prison could be sentenced.

The debt was originally generated nearly four years ago, when the “Girls Gone Wild” front man requested routine gambling markers to be used in the Wynn Casino and Resort located on the Las Vegas strip. “Markers” are used just as conveniently as checks, and provides a signed document dictating ownership and responsibility of the money being issued to its recipient.

According to Francis, this signed document wasn’t nearly as formal, and instead was simply an overrated “IOU” that was given to Steve Wynn and the Wynn Resort.

But despite his allegations, Wynn Resort Ltd. attempted to cash that document nearly 15 months ago, only to no avail. Because of Francis’ closed bank account, which was linked to the document, the casino entity was unable to cash in on their million dollar payday.

“The moral of the story is, don’t gamble at the Wynn casinos or this will happen to you,” Francis said. “Steve Wynn is not a man of his word.”

Despite paying $500,000 of the gambling debt since its 2009 court resolution, Francis’ attorney Dave Houston mentions that one of the biggest issues with this case is the comprehension of what’s actually owed.

Although the most essential, this isn’t the only legal concern Francis currently faces. He was recently involved in a dispute regarding two teenage females who accused Francis of exploitation by filming them engaging in sexual acts. They stated that they were both forced to leave school because of the release of their recorded video.

In that case, the judge ruled to keep the names of the two girls private.

But regardless of his prolonged legal battles, Francis remains calm and optimistic about a successful conclusion to not only this particular charge, but also those that linger.

“I’m 100% confident that I will prevail, just like I always do,” Francis told TMZ. “Steve Wynn has enormous influence over the politicians in the Las Vegas area – so I’m sure he’s behind this.”

The biggest face behind the teenage party empire “Girls Gone Wild” is scheduled to be arraigned in court this month.

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