Derby Trail Forums - Racing authorities look into Zayat's loans to bookmakers

Just saw this in the Lexington Paper

http://www.kentucky.com/2010/03/02/1...to-zayats.html

Racing authorities look into Zayat's loans to bookmaker

Kentucky racing regulators are scrutinizing Thoroughbred owner Ahmed Zayat's connection to two brothers, Michael and Jeffrey Jelinsky, who pleaded guilty last year to illegal bookmaking and money laundering in Las Vegas. "We're looking into the relationship," said Marc A. Guilfoil, deputy commissioner of the Kentucky Horse Racing Commission. Zayat's horse Eskendereya is currently the top contender for the Kentucky Derby.

According to financial documents filed in his bankruptcy case in New Jersey, Zayat lent $657,500 to members of the Jelinsky family from November 2006 to February 2008. Zayat told The New York Times that the money is not owed to him from gambling but from personal loans made to the brothers because he was a friend of their father.