Playing with the house’s money…

August 27, 2007

poker2.jpgMost of the time, when you’re playing with the house’s money, it means that you’ve won enough times to keep playing using just your gambling winnings. The phrase took on a different meaning last week for PokerTek (PTEK), a maker of automatic poker tables for casinos everywhere. According to this late Friday 8-K, it seems that one of PTEK’s executives might have been playing with the house’s money in a slightly different way.

PTEK said that during a “regular external gaming review”, they became aware that Chris Daniels, the Company’s CFO, may have inappropriately used the corporate credit card for personal purchases. Speaking through his attorney, Daniels said that his conduct was “consistent with historical practices” and offered to reimburse the company for the charges, which he termed “minimal”.

Looks like Daniels will have a few more days to devote to playing the tables. In the 8-K, it was noted that the Audit Committee commenced an independent investigation of the historical use of corporate credit cards. Daniels has been placed on administrative leave pending the results of that investigation.

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