Time has jogged the memory of former Greater Des Moines businessman John Vratsinas regarding times he won and lost while gambling at casinos in Iowa, Las Vegas and Kansas City, Mo., according to a document filed in his bankruptcy case.
Vratsinas, who operated now-defunct construction and human resources companies in West Des Moines, filed to liquidate assets under Chapter 7 of the U.S. Bankruptcy Code on June 28, 2013. He cited debts of nearly $8 million and assets of $1.1 million. Read more
The initial filings did not include income from gambling and, according to bankruptcy court officials, did not present a full picture of his finances. Court officials subpoenaed additional financial information.
In an amended financial statement that was filed Tuesday in U.S. Bankruptcy Court for the Northern District of Iowa, Vratsinas said he did not keep a record of gambling losses in 2012 and 2013 and did not claim losses on personal income tax returns.
"At the time of preparation of the original Statement of Financial Affairs, the Debtor had no recollection of gambling losses, however he is now aware that there were some gambling losses during 2012 and 2013. To the present recollection of the Debtor the gambling losses during 2012 and 2013 are roughly equivalent to the gambling winnings," according to the court document.
Vratsinas primarily played slot machines, but has also "played blackjack, keno, craps, roulette and other house games. The Debtor has also placed sport bets on various sports," according to the document.
In 2012 and 2013, Vratsinas won $6,020 and lost $9,518 while gambling in Las Vegas, according to the amended financial statement. He claimed income of $5,250 from gambling stops in 2012 in Iowa and Kansas City, according to the document.
The filing also included adjustments to non-business income for 2012 that were related to his investment interest in a variety of limited liability companies. Vratsinas claimed total losses of $420,623 for that year, after claiming losses of $224,822 in his original filing.
In separate documents filed Tuesday, Vratsinas said he was the beneficiary of five trusts created by his parents. His father, Gus, is the former head of the construction company that built Jordan Creek Town Center in West Des Moines.
Vratsinas "may have had knowledge of the trusts at one time but had no recollection of the trusts at the time of preparation of the original schedules," according to the filing.
Gus Vratsinas helped his son settle federal tax liens that were filed in connection with the operation of the human resources companies.