Auto dealer tried to save business by gambling

Posted at: 11/08/2009 6:03 PM
By: The Associated Press

ALBUQUERQUE, N.M. (AP) - Former auto dealer Ken Zangara, faced with an ailing economy and difficulty getting credit for his dealership, turned to gambling last year in a bid to salvage the business.

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 on 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 on numerous consumer complaints over alleged illegal business practices. Zangara has been recognized for his support of local charities and was involved in politics.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

Print Story