• Quicken Loans withdraws $80K donation to PAC backing Mike Duggan

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    Christine Ferretti-The Detroit News

    INDONESIA-ECONOMY-NOTESDetroit — Quicken Loans Inc. has withdrawn an $80,000 contribution to a super political action committee supporting Detroit mayoral candidate Mike Duggan after questions were raised over its legality.

    Tom Barrow, a primary election mayoral candidate, filed the complaint claiming the Detroit-based retail mortgage lender violated the state’s Gaming Control Act, which prohibits owners and investors of casinos from making such contributions. Quicken Loans Founder and Chairman Dan Gilbert is a managing member of Athens Acquisitions LLC, which owns Greektown Casino-Hotel.

    The Detroit mortgage lending company said the Aug. 6 contribution to Turnaround Detroit, a pro-Duggan super PAC, was made following the consent from senior staffers of the Michigan Gaming Control Board, which regulates Detroit’s three casinos.

    “In late August, notwithstanding its prior consent, senior staff at the MGCB requested that Quicken Loans withdraw the contribution pending a formal opinion from the Michigan Attorney General,” said Richard Chyette, vice president and corporate counsel for Quicken Loans Inc. “In response to that request, Quicken Loans immediately asked for, and was issued, a full refund from the SuperPAC.”

    The attorney general’s office on Wednesday said it had no comment.

    Barrow in an email Wednesday said he’s done what he can as a citizen “to expose what is likely the biggest election fraud in the history of this country.”

    According to the gambling law, a violation is a felony offense, punishable by up to 10 years in prison and/or a $100,000 fine. It could also result in the loss of a gaming license.

    Check out the rest of this story in The Detroit News 

    From The Detroit News: http://www.detroitnews.com/article/20130904/METRO01/309040100#ixzz2e19RcOok

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