Auditors at Las Vegas Sands Corp. admitted Friday "there were likely violations" of the Foreign Corrupt Practices Act barring Americans from bribing foreign officials to secure an advantage.
This disclosure was made in a late afternoon filing with the Securities and Exchange Commission Friday that ultimately leaked out to the media Sunday.
Heading up Las Vegas Sands Corp. is none other than powerful casino magnate and mega Republican donor Sheldon Adelson.
The allegations are nothing new. Both the SEC and FBI have been probing the company’s dealings in the world’s largest gambling destination, Macau, for some time. What is new is the company’s admission to any wrongdoing.
Rachel Maddow of MSNBC writes in her blog:
The impact on the Republican Party, which relied heavily on Adelson's generosity last year, is unclear, but it can't be helpful to have the party's biggest donor caught up in this kind of controversy.
Adelson was just named the 15th richest individual in the world Monday by Forbes Magazine with a net worth of $26.5 million.
Shares in his company are up 20 percent since the summer despite the ongoing investigation.
- Aaron Goldstein, Gambling911.com