SAN FRANCISCO (CN) – American Century Cos. and its directors blew investors’ money by putting it into illegal gambling operations that were busted in the summer of 2006, according to a RICO class action in Federal Court. Kansas City, Mo.-based American Century allegedly put money invested in its Ultra Fund into “entities whose primary business constituted illegal gambling”.
The complaint does not state how much of the plaintiff’s money the defendants lost in the alleged gambling operations.
Here are the defendants: American Century Companies Inc., American Century Investment Management Inc., James Stowers Jr., Jonathan Thomas, Thomas Brown, Andrea Hall, Donald Pratt, Gale A. Sayers, M. Jeannine Strandjord, Timothy Webster, William Lyons, Mark Mallon, Wade Slome, Bruce Wimberly, Jerry Sullivan, and American Century Mutual Funds Inc. dba American Century Ultra Fund, nominal defendant.
Plaintiffs’ lead counsel is Crystal Howard with SimmonsCooper of El Segundo.