Since the late 1990s, Kirk Sanford has defrauded clients and investors out of hundreds of millions of dollars.
An Arizona Department of Gaming Investigation uncovered that Kirk Sanford from 1999 to while Chief Executive Officer of casino cash access and ATM company Global Cash Access Holdings GCA, had obtained State licensing through fraud, had conspired with USA Payment Systems to defraud banks out of $6.1 million and defrauded VISA and Bank of America out of an additional $26 million.
Arizona Investigation Link: http://www.docstoc.com/docs/8218110/Global-Cash-Access-Notice-of-Intent-to-Deny-Gaming-Services-License
In October Sanford resigned from GCA immediately before an announcement of an investigation into the company.in late 2007 and 2008 GCA stockholders named Sanford as a major defendant in five lawsuits alleging Securities Fraud, Breach of Fiduciary Duty and Violations of the Securities and Exchange Act.
Newspaper Article Link: http://www.lvrj.com/business/17575549.html
In Sanford, after his resignation from GCA, became Co-Chief Executive Officer of Xyience Incorporated. Within a few months, Xyience was in bankruptcy. The Trustee in the Xyience Bankruptcy Case alleges in a complaint before the U.S. Bankruptcy Court that Sanford with Xyience Co-Chief Executive Officer Adam Frank and Xyience President Omer Sattar engaged in a conspiracy to defraud Xyience investors out of the $200 million company. Part of their plan entailed putting the company into bankruptcy to wipe out the shareholders' and creditors' investments.
Newspaper Article Link: http://www.lasvegassun.com/news/dec/31/trustee-files-complaint-xyience-energy-drink-bankr/
U.S. Bankruptcy Court Trustee Complaint: http://www.docstoc.com/docs/20757963/Xyience-Liquidation-Trustee-Complaint
Sanford and Sattar have formed a new company, Sightline Payments, LLC, a casino cash access and ATM company similar to GCA and are looking for new clients and investors to defraud.
Sightline Link: http://www.sightlinepayments.com
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