Indicted securities broker spent $1.2M at casinos

Wednesday, April 22, 2009  

A former securities broker who has been indicted for bilking $2.4 million clients reportedly spent $1.4 million at tribal and non-tribal casinos.

Denver Kalkofen spent the money at casinos owned by the Menominee Nation and the Oneida Nation, both of Wisconsin. She also spent money in Las Vegas.

"Doesn't necessarily say that she gambled that money, but it says there were disbursements to companies associated with gambling from her accounts," a state prosecutor said, WBAY reported.

Kalkofen reportedly spent $7,420 at Menominee casinos and $96,000 at Oneida casinos. The money was spent over several years, so it never raised flags, one gaming official said.

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