ATLANTIC CITY, N.J. - (AP)
A little help from Dad has gotten Donald Trump in trouble with casino regulators. Trump has agreed to a $30,000 fine for an illegal loan his Trump Castle Casino received by way of $3.5 million in chips bought by Trump's father.
Fred Trump bought the chips in December through an attorney to help his son make an $18.4 million interest payment on the casino. He had no plans to gamble, Division of Gaming Enforcement spokesman Wayne Martin said Tuesday.
Loans to casinos must be done aboveboard, with the knowledge of gaming regulators, and all financial backers must go through a background check.
The safeguards were enacted to keep die mob out of Atlantic City. The elder Trump, a real estate magnate like his son, is undergoing a background check, Martin said.
Donald Trump faces another interest payment on the struggling casino in June.
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