Tuesday October 29,2013 : CANTOR GAMING FACES PROBE ON MONEY LAUNDERING
Questions on whether company failed to report suspicious transactions.
Federal and Nevada state authorities are currently investigating Cantor Gaming, according to a report in the Wall Street Journal this week, which claims that questions have been raised regarding Cantor's reportage on suspicious transactions required under money-laundering regulations.
Earlier this year Michael Colbert, the former chief bookmaker of Cantor Gaming, pleaded guilty to fraud conspiracy and the Journal reports that a federal investigation is now looking further up the chain at whether Colbert's superior had a role in accepting illegal sports bets.
The WSJ reports:
"Investigators at multiple government agencies are also examining whether Cantor Gaming personnel allowed the laundering of millions of dollars of illegal gambling money flowing through its accounts, people familiar with the probes said.
“They described investigators as focused in part on whether Cantor accepted deposits it shouldn't have and failed to report suspicious transactions to the government."
Cantor Gaming has denied knowledge of any wrongdoing other than that of Colbert.
The Journal reports that half dozen agencies, including the Treasury Department's Financial Crimes Enforcement Network and the IRS, are involved in the investigation.