David Cordish is known for making some very shrewd development bets, but the owner of the Inner Harbor’s Power Plant Live! and the Maryland Live! casino appears to have made an investment for which he’d have to give an unfortunate title: Developer Swindled!

So reports The Washington Post in a story on offshore tax havens that says the Cordish family was allegedly swindled out of $12 million by  New York hedge fund manager Brian Callahan.

The article, the product of collaboration between the Post and the International Consortium of Investigative Journalists, was meant to showcase the danger that lurks for people who try to stow their earnings in foreign tax havens.

According to the Post, the Cordishes came to Callahan’s attention when they were “in the process of setting up four trusts in the Cook Islands through TrustNet and the family eventually placed $116 million worth of assets in them, a transfer they disclosed to the IRS.”

Cordish, who recently disclosed another investment he might like to make – in the Baltimore Sun should it go on sale – lost nearly $12 million on the transaction, according to the Post, citing papers filed as part of a Securities and Exchange Commission lawsuit.

Callahan and the Cordish family both declined to comment for the Post’s April 6 story.