Cantor Could Pay Over $2 Million in Damages Resulting From Colbert Indictment
Cantor Gaming, which changed its name to CG Technologies this week, has agreed to pay over $2 million under a tentative settlement reached over the weekend with the Nevada Gaming Control Board, according to the Wall Street Journal.
This week, the NGB filed an 18-page complaint against the company, which runs several of Las Vegas’ top sportsbook operations.
A former director of the company was indicted by US law enforcement in late 2012 for his role in an illegal sports betting venture and pleaded guilty to one count of conspiracy this past summer.
The board calls for disciplinary action against Cantor by the Nevada Gaming Commission, including fines for each of the 18 counts and possible suspension or revocation of the company’s gaming license. The company claims it has already reached a settlement agreement with the board.
From the Wall Street Journal:
The settlement is to address allegations against Cantor’s affiliate by gambling regulators in a civil complaint filed this week before the Nevada Gaming Commission. The complaint said the company or Lee Amaitis, chief executive of the Las Vegas-based sports-betting unit, known until this week as Cantor Gaming, knew or should have known that one of their top executives was taking illegal bets. According to the complaint, failure to supervise an employee sufficiently to prevent criminal activity violates Nevada gaming regulations. Cantor Gaming’s failure to do so “tends to reflect poorly on the reputation of gaming in the State of Nevada” and could hurt development of the industry, the complaint said.
The settlement is expected to be completed in the next couple of days but could still fall apart, the Wall Street Journal added.
- Aaron Goldstein, Gambling911.com
