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C.G. TECHNOLOGY IS TO PAY A $22.5 MILLION U.S. PENALTY
REPORTS THAT C.G. TECHNOLOGY IS TO PAY A $22.5 MILLION U.S. PENALTY
Blasts from the past as the Department of Justice lowers the boom on gambling group.
Blasts from the past like the Michael Colbert scandal, messenger betting, money laundering and allegations of miscalculated payments to customers and state authorities (see previous InfoPowa reports) all surfaced again in a Wall Street Journal article Friday claiming that Cantor Fitzgerald gambling subsidiary CG Technology has agreed to pay $22.5 million in penalties and forfeitures to settle US government probes.
The Journal quotes unidentified sources who have revealed that the settlement will be announced by the Department of Justice next week, and that it relates to the companys activities going back to 2009.
"As part of a non-prosecution agreement expected to be announced as soon as Monday, the gambling affiliate has admitted and accepted responsibility for aiding and abetting illegal gambling and money laundering activities from around 2009 through 2013, the people said. The Wall Street Journal first reported in 2013 that the investment bank’s gambling unit was being investigated by the Justice Department and other agencies," the Journal notes.
The Journals sources said that CG Technology agreed to pay $16.5 million to resolve a criminal investigation that involved the U.S. attorneys’ offices in Brooklyn and Nevada as well as the U.S. Postal Inspection Service, the Internal Revenue Service’s Criminal Investigation unit, the New York City Police Department and the Nevada Gaming Control Board.
It has also agreed to pay a multimillion-dollar penalty to the Treasury’s Financial Crimes Enforcement Network, they claimed.
The article records that Cantor Gaming grew quickly after setting up its first sports book, at the M Resort casino in Las Vegas in 2009, eventually becoming one of the largest sports-betting operators in the United States. In 2014 it changed its name to CG Technology.
The Journal also notes the recent (August 2016) resignation of CG Technology exec Lee Amaitis, a condition of a $1.5 million settlement between the company and the Nevada regulator in July.
The company admitted in that settlement that it hadn’t properly reported miscalculated payments to customers and state authorities, but it denied that there had been any intent to profit from the errors.
The Journal also recalls that in 2014 CGT agreed to pay $5.5 million under a settlement with Nevada gambling regulators to address allegations that the company or Amaitis knew that Michael Colbert was taking illegal bets. The settlement was among the highest gambling penalty levied by the state at the time. Despite paying the penalty CGT did not acknowledge any wrongdoing.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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