Former Mayor Gambled Away Over $1 Billion

by Nate Wooley | February 15, 2013 9:58 am

[1]Former Mayor of San Diego Maureen O’Connor says she gambled more than $1 billion between 2000 and 2009.

The former mayor is the widow of Jack in the Box (NASDAQ:JACK[2]) founder Robert O. Peterson, reports The Los Angeles Times[3]. Her lawyer blames her actions on both a gambling addiction and a brain tumor for which she underwent surgery in 2011.

In all, O’Connor gambled more than $1 billion over the period. When her losses exceeded her wealth in 2008, however, she began using money from her late husband’s charitable foundation to finance her gambling. In all, she used more than $2 million from the charity.

O’Connor is repaying the money to the foundation as a part of her agreement to avoid prosecution. Due to her health, prosecutors are deferring charges for two years. If she has no further legal issues, the charges will be dismissed.

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Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/02/maureen-oconnor.jpg
  2. JACK: http://studio-5.financialcontent.com/investplace/quote?Symbol=JACK
  3. reports The Los Angeles Times: http://www.latimes.com/news/local/la-me-sd-mayor-gambling-20130215,0,2128253.story
  4. Warren Buffet Calls for 30% Minimum Tax on the Wealthy: http://investorplace.com/2012/11/warren-buffett-calls-for-30-minimum-tax-on-the-wealthy/
  5. Homebuilders Hedge Their Bets in 2013: http://investorplace.com/2013/01/homebuilders-hedge-their-bets-for-2013/
  6. Forget a Dating Service: Millionaire Puts Ad on a Billboard: http://investorplace.com/2012/12/forget-a-dating-service-millionaire-puts-ad-on-a-billboard/

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