Two with ties to Ilitch organization involved in $300 million fraud case

Two with strong ties to Detroit’s Ilitch family involved in $300 million fraud case exposed by the Securities and Exchange Commission (SEC).

Michael J. Malik, Sr., the Ilitch family’s often controversial gaming partner and Gregory Young, formerly executive producer for the Ilitch-owned Olympia Entertainment (Detroit's Fox Theater), have been tied to a federal case charging Worldwide Entertainment, Inc. and Entertainment Group Fund, Inc. and their principal John P. (Jack) Utsick, and American Enterprises, Inc. and Entertainment Funds, Inc. and their principals Robert Yeager and Donna Yeager, in connection with a fraudulent offering that raised over $300 million from over 3,300 investors nationwide.

June 2008 charges filed in a Florida Federal District court allege that Detroit casino syndicator Michael Malik was involved in a $2.1 million fraudulent transfer of funds – a so-called “Profit Payment” – involving the above parties. A receivership seeks to recover the $2.1 million plus related charges from Malik.

Greg Young, who was affiliated with Olympia Entertainment (Detroit’s Fox Theater) from 1998 – 2003, was affiliated with Utsick’s World Wide Entertainment Michigan, LLC. Young would reportedly become owner/operator of the Royal Oak Music Theater in the greater Detroit-area and owed more than $400,000 to World Wide/Utsick. According to court documents and other reports, Young subsequently has partnered with AEG (Anschutz Entertainment Group); that agreement has reportedly provided Young with the $475,000 that will be returned to the World Wide, Utsick, et. al. receivership.

: Ilitch snares Young to develop commersh shows