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ARC Gaming and Technologies, formerly known as Lucky Bucks, filed a RICO lawsuit against former executives, accusing them of orchestrating a large fraud scheme that allegedly siphoned off about $200 million from the company before going bankrupt.

Litigation Reveals Systematic Lucky Bucks Looting Charges By Former Executives
The lawsuit, announced on Jan. 2, alleges that defendants participated in a systematic looting of Lucky Bucks and siphoned off funds in a variety of illegal ways. Lucky Bucks, a major player in Georgia's coin-operated play machinery industry, filed for Chapter 11 bankruptcy in June 2023, citing increased competition and regulatory pressure.

ARC Gaming and Technologies alleges that defendants, including founders Anil Damani, Tony Kassam and Imran Ali, organized complex schemes related to fraudulent transactions, misappropriation of trade secrets and breaches of fiduciary duties.

The lawsuit also alleges that former executives used shell companies and rival businesses under their control to siphon contracts and assets from Lucky Bucks.

The company accuses Damani and his colleagues of borrowing hundreds of millions of dollars from lenders, but of distributing most of the funds among themselves. The complaint sells in several states cases of reselling customer contracts to Lucky Bucks at inflated rates and removing serial numbers from machines.

ARC Gaming Seeks Repayment After Restructuring Win
The lawsuit began in September 2023 after industry experts hired by new shareholders made a comprehensive investigation into Lucky Bucks' operations. Forensic investigators and litigation case analysis combined with employee interviews contributed to the filing of formal complaints.

Despite Lucky Bucks' successful exit from Chapter 11 bankruptcy in October 2023, ARC Gaming and Technologies decided to hold its former executives accountable for criminal charges. The company aims to recover stolen funds and assets, including $200 million described as "fraud and illegal dividends."

Founder and former owner Anil Damani denies all the allegations, saying the claims are baseless and frivolous. Damani's lawyers have expressed confidence in defeating the claims in court, arguing that Damani is a successful businessman and pillar of the community.

As the legal process progresses, ARC Gaming and Technologies is focused on the future as it completes a successful restructuring process and positions itself as a strong competitor in the Georgia Coin-operated play machinery industry. The company will announce new appointments to key executive positions while ensuring a dedicated management team dedicated to responsible governance and growth.