{"id":40272,"date":"2016-09-28T15:00:47","date_gmt":"2016-09-28T22:00:47","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=40272"},"modified":"2016-10-03T12:19:38","modified_gmt":"2016-10-03T19:19:38","slug":"jeff-guinn-son-former-nevada-governor-accused","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/","title":{"rendered":"Jeff Guinn, Son of Former Nevada Governor, Accused of Defrauding Late Boyd Gaming President"},"content":{"rendered":"<p class=\"p1\"><i><\/i>Jeff Guinn, son of the late <a href=\"https:\/\/www.casino.org\/news\/nevada-casino-revenue-benefits-julys-bonus-weekend\">Nevada<\/a> governor Kenny Guinn, is accused of running a Ponzi scheme that allegedly defrauded investors out of millions.<\/p>\n<figure id=\"attachment_40495\" aria-describedby=\"caption-attachment-40495\" data-style=\"width: 399px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-40495\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/09\/Jeff-Guinn-financial-scandal.jpg\" alt=\"jeff-guinn-financial-scandal\" width=\"399\" height=\"266\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/09\/Jeff-Guinn-financial-scandal.jpg 500w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/09\/Jeff-Guinn-financial-scandal-142x95.jpg 142w\" sizes=\"(max-width: 399px) 100vw, 399px\" \/><figcaption  id=\"caption-attachment-40495\"class=\"text-description\">Jeff Guinn (Seen here, left, in 2010 with his brother Steve), son of former Nevada governor Kenny Guinn, is accused of defrauding Chuck Ruthe out of almost $7 million. (Image:LVR-J)<\/figcaption><\/figure>\n<p class=\"p1\">Among those who fell victim to the alleged scam include Donna Ruthe, the wife of the former president of casino operator Boyd Gaming Corp and Chuck Ruthe, who died in 2013, was a longtime business associate of Kenny Guinn.<\/p>\n<p class=\"p1\">Donna Ruthe claims that Jeff Guinn used his father\u2019s name to attract investors to the now-bankrupt Aspen Financial Services.<\/p>\n<p class=\"p1\">The Ruthe family lost $6.9 million, and Donna Ruthe is pursuing the claim through the bankruptcy courts.<\/p>\n<p class=\"p1\">Aspen was once a successful real estate company riding the wave of the <a href=\"https:\/\/www.casino.org\/news\/nhl-coming-las-vegas-league-recommends-expansion-franchise-sin-city\">Las Vegas<\/a> construction boom, and with Guinn\u2019s connections in high places, there was no shortage of financing. But as the economy crashed the cracks began to show, while Guinn carried on regardless, according to\u00a0the lawsuit.<\/p>\n<h2 class=\"p1\"><b>Pattern of Refinancing Debt<\/b><\/h2>\n<p class=\"p1\">&#8220;Guinn engaged in a constant pattern of financing and refinancing first and second trust deeds at an ever increasing debt level,\u201d it states. &#8220;The primary purpose of virtually all of the Loans was to repay prior deeds of trust to carry out Guinn&#8217;s scheme, fund unpaid accrued interest on other loans, fund additional &#8216;capitalized&#8217; interest reserve, pay fees and closing costs.<\/p>\n<blockquote class=\"main-blockquote\">\n<p class=\"p1\"><strong>\u201cGuinn often authorized cash out to borrowers, all of which was never disclosed to Plaintiffs before investing in the subject loans and in violation of the loan agreements. Plaintiffs were never informed of the real purpose of the loans.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p class=\"p1\">Dennis Prince, Ruthe\u2019s lawyer, in an opening statement that lasted two hours, argued that Aspen was a \u201ccomplex scheme to defraud\u201d and that Guinn \u201cfailed to exercise safe and sound business judgment,\u201d according to the Las Vegas Review-Journal, which attended the opening hearing this week.<\/p>\n<p class=\"p1\">Guinn \u201cexploited\u201d investors\u2019 trust and confidence,\u201d Prince continued, while living an extravagant lifestyle, constantly refinancing loans as part of \u201ca Ponzi scheme.\u201d<\/p>\n<h2 class=\"p1\"><b>Catastrophic Decline<\/b><\/h2>\n<p class=\"p1\">According to his defense counsel Joseph Liebman, Jeff Guinn had \u201cbelieved in the loans, and he had no idea that they, or the economy in general, would eventually falter.\u201d He also denied that Aspen had been a Ponzi scheme at all; the loans\u2019 collateral had a \u201ccatastrophic decline\u201d in value during the Vegas property crash.<\/p>\n<p class=\"p1\">Chuck Ruthe, meanwhile, was \u201cobviously aware he was getting into a potentially risky venture,\u201d claimed Leibman.<\/p>\n<p class=\"p1\">Ruthe died in 2014 after a long battle with Parkinson\u2019s disease. As an original stakeholder in Boyd Gaming, he helped build the company from the ground up with his friend and business partner, Bill Boyd. He retired as president in 1997.<\/p>\n<p class=\"p1\">\n","protected":false},"excerpt":{"rendered":"<p>Jeff Guinn, son of the late Nevada governor Kenny Guinn, is accused of running a Ponzi scheme that allegedly defrauded investors out of millions. Among those who fell victim to the alleged scam include Donna Ruthe, the wife of the former president of casino operator Boyd Gaming Corp and Chuck Ruthe, who died in 2013, [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":40495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,10,61],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jeff Guinn, Son of Former Nevada Governor, Accused of Defrauding Late Boyd Gaming President<\/title>\n<meta name=\"description\" content=\"Jeff Guinn, son of Kenny Guinn is accused of operating a Ponzi scheme that duped Boyd\u2019s Chuck Ruthe\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jeff Guinn, Son of Former Nevada Governor, Accused of Defrauding Late Boyd Gaming President\" \/>\n<meta property=\"og:description\" content=\"Jeff Guinn, son of Kenny Guinn is accused of operating a Ponzi scheme that duped Boyd\u2019s Chuck Ruthe\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-28T22:00:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-10-03T19:19:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/09\/Jeff-Guinn-financial-scandal.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/\",\"url\":\"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/\",\"name\":\"Jeff Guinn, Son of Former Nevada Governor, Accused of Defrauding Late Boyd Gaming President\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/09\/Jeff-Guinn-financial-scandal.jpg\",\"datePublished\":\"2016-09-28T22:00:47+00:00\",\"dateModified\":\"2016-10-03T19:19:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Jeff Guinn, son of Kenny Guinn is accused of operating a Ponzi scheme that duped Boyd\u2019s Chuck Ruthe\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/jeff-guinn-son-former-nevada-governor-accused\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/09\/Jeff-Guinn-financial-scandal.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/09\/Jeff-Guinn-financial-scandal.jpg\",\"width\":500,\"height\":333,\"caption\":\"Jeff Guinn (Seen here in 2010 with his brother Steve), son of former Nevada governor Kenny Guinn, is accused of defrauding Chuck Ruthe out of almost $7 million. 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