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Auto Dealer Tried To Save Business By Gambling
New Mexico Man Racked Up $250K In Losses Before Closing Dealership
POSTED: 5:48 pm MST November 8,
2009
UPDATED: 5:28 am MST November 9,
2009
ALBUQUERQUE, N.M. -- A former Albuquerque auto dealer, faced with an ailing economy and difficulty getting credit for his dealership, says he turned to gambling last year in a bid to salvage the business. Ken Zangara racked up a $250,000 gambling loss just months before he closed his dealership in February. He says he was trying to win enough money to save the business. Zangara and his wife filed for a Chapter 7 bankruptcy Oct. 20.
Zangara Dodge closed its doors Feb. 17, citing the economic crisis and loss of its primary lending source. At the time, Zangara Dodge was under investigation by the state attorney general's office for numerous consumer complaints over alleged illegal business practices. Zangara has been recognized for his support of local charities and was involved in politics. ___ Information from: Albuquerque Journal, http://www.abqjournal.com
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