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November 28, 2009

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Park Place chairman defrauded in credit card scam

Friday, April 21, 2000 | 11:01 a.m.

Park Place Entertainment Corp. Chairman Stephen Bollenbach was among a group of prominent executives defrauded in a credit card scam operated by two Tennessee men, federal prosecutors said.

The two men allegedly called the victims' banks and credit card companies to switch the billing address on the executives' accounts, Bloomberg News reported. Once the men secured the credit card numbers, prosecutors said, the men used the cards to buy more than $730,000 in jewelry from December to February.

In addition to Bollenbach, prosecutors identified a number of other prominent victims, including Richard Fuld, chairman of Lehman Bros., and John Alm, chief operating officer of Coca-Cola.

Park Place is a Las Vegas casino company spun off last year from Hilton Hotels Corp., where Bollenbach is the chief executive officer.

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