Ponzi Scheme Plays Out in Las Vegas


The story of alleged Minneapolis con artist Kalin Dao is dramatically detailed in the Minneapolis Star Tribune in an article by Dan Browning.

Dao is accused of bilking $10 million from as many as 500 investors in a Ponzi scheme that appears to have fueled her voracious gambling habit.

Two paragraphs of particular interest:

The first public event in the criminal case against Dao came Feb. 9, when prosecutors quietly charged Michael Pham, a former employee of MGM Grand in Las Vegas, with a single count of "aiding and abetting K.D." to launder money. Pham, 30, pleaded guilty Wednesday and is cooperating with the government. …

Pham said Dao gambled with money she had wired to the casino from her investor accounts. On one occasion, she told him: "I got my butt kicked, so I have to go back and work extra hard because it's investor money," Pham recalled.

Read the whole story at: http://www.startribune.com/business/41231297.html?elr=KArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aUU