Gambling: More Evil than Good in Ken Zangara’s Life
November 12, 2009 by Igor
Filed under All Casino news, Gaming online
Just when the recession was affecting every household in the United States, there were some people who thought of turning to gambling to augment their income. In fact, they have started gambling in the hopes of increasing the inflow of cash as well as paying off their debts. But this big move turned out to be their worst nightmares. Instead of helping them make both ends meet financially, it created a much bigger gap, forcing them to file for bankruptcy. One such man who fell for the lure of gambling is Ken Zangara.
Dire Circumstances
Ken Zangara is from Albuquerque, New Mexico, and he used to be an auto dealer. He has had a relatively good business before the recession, but when the financial trouble started, he started losing money. To increase the inflow of his cash, he turned to gambling in the hopes of winning more money and paying off his debts, especially since he is already having some problems and difficulties obtaining money for his dealership. To save his business, he thought of gambling and the revenues it could give him.
Unfortunately, gambling did not give him what he wanted. Instead, he ended up losing more than what he had already lost, and in the end, he accumulated more than a quarter of a million dollars in debt a few months before his business succumbed to the pressure of the recession and the lack of funds. On February of this year, he finally closed shop, and just last October, he and his wife did what was inevitable, to file for the Chapter 7 bankruptcy.
More Problems
It was in February 17 that the Zangara Dodge, Zangara’s auto company, closed. They stated economic crisis as the main reason for filing bankruptcy. They also stated that they have lost their company’s major lending source, so their company could not recover from its losses and decreased revenues.
But this was not the only problem that Zangara was going through because he was also being investigated by the office of the state attorney general. A big number of his clients have complained to the state attorney general’s office that Zangara was dealing in illegal business practices. Of course, this prompted an investigation, which further complicated Zangara’s financial situation.
Like many, he thought that placing his chances on gambling would give him a better life, but, in truth, this only make things worse for him as he lost more than what he could afford.