{"id":40817,"date":"2016-10-11T16:00:19","date_gmt":"2016-10-11T23:00:19","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=40817"},"modified":"2016-10-12T15:20:31","modified_gmt":"2016-10-12T22:20:31","slug":"elaine-wynn-seeks-whistleblower-protection-accusing-wynn-resorts-securities-law-violations","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/elaine-wynn-seeks-whistleblower-protection-accusing-wynn-resorts-securities-law-violations\/","title":{"rendered":"Elaine Wynn Seeks Whistleblower Protection after Accusing Wynn Resorts of \u201cSecurities Law Violations\u201d"},"content":{"rendered":"
\"Elaine
Elaine Wynn believes that failure to grant her whistleblower protection will leave her open to \u201cretaliation\u201d from Wynn Resorts and her ex-husband, Steve. (Image: Mark Damon\/ Las Vegas Review-Journal)<\/figcaption><\/figure>\n

Elaine Wynn, the estranged ex-wife of casino mogul Steve Wynn<\/a>, has applied for whistleblower protection in relationship to claims she has made of possible securities violations by Wynn Resorts Ltd.<\/p>\n

According to a report by Bloomberg, Wynn petitioned the Nevada Supreme Court with the request after being refused protection by the Las Vegas trial judge presiding over her case against Wynn Resorts.<\/p>\n

Wynn is suing her former husband in an attempt to wrest back control of stock in the multi-billion-dollar company they formed together in 2000.<\/p>\n

The Wynns married in 1963, divorced in 1986, then remarried in 1991, before divorcing again in 2010. As part of their final divorce settlement, the couple split their stakes in Wynn Resorts evenly, and Steve Wynn agreed to always reelect his ex-wife to the board of directors. In return Elaine Wynn agreed to a provision that she wouldn\u2019t sell her shares without her ex-husband\u2019s permission.<\/p>\n

Open to \u201cRetaliation\u201d<\/b><\/h2>\n

The divorce was initially amicable, but things turned sour in 2012 when Wynn Resorts sued its major shareholder, the Japanese billionaire Kazuo Okada<\/a>, in order to oust him from the board forcibly, and redeem his 20 percent stake in the company.<\/p>\n

Elaine Wynn filed a separate claim in the case in an attempt to extricate herself from the shareholders agreement barring her from selling her shares, worth some $900 million. This, said Steve Wynn, was not in the interests of the shareholders. He also argued that it relieved him of his obligation to reelect her to the board, and in April last year she, too, was ousted.<\/p>\n

In her petition to the Supreme Court, Elaine Wynn said that she sent a letter to Wynn Resorts\u2019 audit committee, as well as a third-party auditor, which \u201craised questions about the conduct of Wynn Resorts and its management that she reasonably believed violated federal securities laws,” although the exact nature of the alleged infractions are unspecified in court the documents.<\/p>\n

\n

She said the original trial judge\u2019s refusal to grant her whistleblower protection leaves her open to \u201cretaliation by Wynn Resorts and Steve Wynn.\u201d<\/strong><\/p>\n<\/blockquote>\n

War of the Roses<\/b><\/h2>\n

Relations between Elaine Wynn and the company she co-founded have become increasingly acerbic since the court case. Wynn Resorts has claimed her case is \u201cfilled with lies and distortions\u201d and is \u201can embarrassment,\u201d and has labelled her a \u201cdisappointed wife.\u201d Steve Wynn told the Wall Street Journal<\/i> recently that she would \u201cget her comeuppance.\u201d<\/p>\n

Elaine Wynn, meanwhile, has accused her former husband of indulging in \u201creckless, risk-taking behavior.\u201d<\/p>\n

\u201cOur company takes its obligations under all federal laws very seriously and is frustrated when those laws and valid protections are twisted and used to pursue a personal agenda,\u201d Michael Weaver, a spokesman for Wynn Resorts, told Bloomberg this week.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elaine Wynn, the estranged ex-wife of casino mogul Steve Wynn, has applied for whistleblower protection in relationship to claims she has made of possible securities violations by Wynn Resorts Ltd. According to a report by Bloomberg, Wynn petitioned the Nevada Supreme Court with the request after being refused protection by the Las Vegas trial judge […]<\/p>\n","protected":false},"author":42,"featured_media":40819,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13,18],"tags":[],"acf":[],"yoast_head":"\nElaine Wynn Seeks Whistleblower Protection after Accusing Wynn Resorts of \u201cSecurities Law Violations\u201d<\/title>\n<meta name=\"description\" content=\"Elaine Wynn, ex-wife of Steve Wynn, applies to the Supreme Court for protection after alleging Wynn Resorts has violated federal securities laws.\" \/>\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=\"Elaine Wynn Seeks Whistleblower Protection after Accusing Wynn Resorts 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