Kirk Sanford and Omer Sattar have continually defrauded individuals and corporations out of hundreds of millions of dollars and filed fraudulent documents with corporations, State Agencies and Federal Courts. Over the years, Sanford has been named as defendant in six State and Federal Courts for fraud, breach of fiduciary duty, violations of the Security and Exchange Act and securities fraud and in a State investigation for filing fraudulent applications and defrauding major corporations out of tens of millions of dollars.
In 1998, Kirk Sanford was appointed Chief Executive Officer, President and Director of Global Cash Access Holdings, Inc. (NYSE: GCA), a Las Vegas, Nevada based company by founder Karim Maskatiya. GCA is a leading provider of cash access products, ATMs and related services for the casino industry.
An Arizona Department of Gaming investigation into GCA concluded that from 1998 through 2002 Sanford with the aid of other GCA executives had perpetrated a $26 million fraud on VISA and Bank of America, submitted fraudulent applications to State agencies and had obtained State certification for GCA through fraud.
Arizona Department of Gaming Invesigation Link: http://www.docstoc.com/docs/8218110/Global-Cash-Access-Notice-of-Intent-to-Deny-Gaming-Services-License
On October 31, immediately after a GCA audit committee meeting, Sanford resigned from GCA, stating in a press release that he wanted to spend time with his family.
GCA Press releaelink: http://www.globalcashaccess.com/News/Global_Cash_Access_Names_Scott_H_Betts_President_and_CEO.html
The following day, November 1, Sanford liquidated the majority of his stock holdings in GCA, $1.19 million, at $10 per share.
SEC Filing Link: http://yahoo. Brand. Edgar-online.com/displayfilinginfo. Aspx? FilingID=5512833-1242-9912&type=sect&TabIndex=2&companyid=668223&ppu=/default. Aspx? Cik=1318568
Two weeks later, on November 14, after the close of trading on the NYSE, GCA announced an independent internal investigation. The next day GCA stock dropped from $9.17 to $3.71 per share in trading on the NYSE.
GCA News Story Link: http://www.smallcapinvestor.com/smallcapnews/movers-11-15-global_cash_access_holdings_plunges_on_delayed_q3_filing_due_to_investigation
Sanford was named as a defendant in five GCA stockholder complaints filed in 2007 and 2008 that allege securities fraud, breach of contract and violations of the Securities and Exchange Act of 1934. GCA Stockholder Complaint Links: http://www.docstoc.com/docs/453163/GCA-derivative-lawsuit-2 http://www.docstoc.com/docs/453161/GCA-derivative-shareholder-lawsuit http://securities. Stanford. Edu/1039/GCA_01411_f01c_083516. Pdf
In April Sanford became a member of the Board of Directors of Xyience Incorporated, a $200 million supplement and energy drink company located in Las Vegas, Nevada.in May of Sanford, with Edge Group real estate developer Adam Frank, took over management of Xyience. During the next eight months Sanford and Frank engaged in conspiracy to defraud the investors out of the company and drive the company into bankruptcy. On January 18, Xyience filed bankruptcy.
Sanford and Frank are defendants, along with William Bullard, the Secretary and Treasurer of Fertitta Enterprises, Inc., and Omer Sattar, Sanfords business associate from GCA, in a complaint filed in U.S. Bankruptcy Court on December 29 by the Xyience Liquidating Trustee.
The complaint alleges that Sanford entered into a conspiracy with the other defendants to defraud Xyience investors out of the company, breached fiduciary duties and committed fraudulent transfers. The complaint further alleges that Sanford hired Sattar from GCA and immediately promoted him to President of Xyience, to continue to commit fraudulent acts through the bankruptcy proceedings at the bidding of Sanford and the other defendants. Trustee Complaint Link: http://www.docstoc.com/docs/20757963/Xyience-Liquidation-Trustee-Complaint
Sanford and his associate Sattar are currently soliciting investors for Sanfords two new enterprises he formed in Sightline Acquisition, LLC and Sightline Payments, LLC. Sightline Link: http://www.sightlineacquisitioncorp.com/contactus.html
Hearings on the Xyience bankruptcy fraud case are scheduled to commence before the U.S. Bankruptcy Court in Las Vegas in April.
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