Where did $3 million of Atlantic City taxpayer money go? To find out, the City has sued W. Wesley Drummon and his ZeMurray Street Capital. Litigation started back in August of 2014.
Atlantic City says Drummon and ZeMurray failed to deliver services. They didn’t return the $3 mil in seed money either.
- ZeMurray Capital used the $3mil find to buy a Tennessee based financial entity called TN Bidco.
- Michael and Gary Lax are involved with TN Bidco.
- Lax also has an ownership stake in ZeMurray.
- Michael & Gary Lax’s brother; Eddie, was an aide / spokesman for the administration of former Atlantic City Mayor Lorenzo Langford.
- It was during Langford’s administration, that the failed financing program was launched.
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