LAS VEGAS (AP) — A high-rolling businessman who sells luxury gifts to casinos has been charged with running a Ponzi scheme.
The Las Vegas Review-Journal reports Ramon DeSage was arrested in Las Vegas amid accusations he used Cadeau Express and some of his other companies to defraud investors.
A complaint filed last week by the Internal Revenue Service claims he owes investors more than $75 million.
The complaint paints DeSage as a “prodigious gambler” who’s lost more than $20 million on the Strip since 2006.
His Las Vegas lawyer, Richard Wright, denied DeSage was involved in a Ponzi scheme and argued his client wouldn’t flee to Lebanon, where he also has citizenship.
U.S. Magistrate Judge Peggy Leen released him from custody at a Friday hearing, but said he must be electronically monitored.