In Crockfordâ€™s casino in London, Frank Saracakis lost over $12 million in a year-long gambling binge in 1994. This wasnâ€™t his first experience with huge gambling losses — in 1988, he lost an equal amount playing roulette at the Ritz.
Saracakis is the son of entrepreneur Ioannis Saracakis, who founded the automobile company Saracakis Brothers in 1922. Although the company survived the collapse of the commercial vehicle industry in the 1980s, young Frankâ€™s gambling must have inevitably put a strain on the familyâ€™s finances. Although the company headquarters are in Athens, Frank was a frequent fixture on the international gambling circuit between 1988 and the early 1990s.