Medina Transferring Stock to Sons

Redina Medina is in trouble with the law, and is trying to tie up some loose ends before his court date. Medina is currently under indictment for income tax evasion, and if convicted in federal court he will be looking at jail time. He is currently free on $6 million bail.

Medina has started transferring shares of his Lucky Chances Casino to his sons, Rommel and Ruell Medina. His attorney said that the transfer has nothing to do with the case against him regarding the income taxes, but since his sons would have gotten all of his shares anyway, if he transfers them now to them then they will not have to go through probate to get them.

Medina is waiting to see if the City Council agrees to the transfer, and it is expected that they will. They would get complete ownership upon transfer of the shares. His attorney said that this way Medina’ sons would be able to run things in his absence and have complete control over the business. In August of last year, the Gambling Control Commission approved the transfer, and on June 28th, both of his sons received their gambling licenses.

The value of the stock is not known, but it is of “considerable” value per his attorney. Medina has already transferred his other business to his sons, so this is the final step.

Former Colma mayor Philip Lum is also part of the mess, as he is being indicted for accepting plane tickets from Medina and then not reporting them. He is also in trouble for voting on measures that benefited the casino without disclosing his ties to them.

 

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