Pinnacle Sports Denies Any of Its Employees Under Arrest: Business as Usual

Written by:
C Costigan
Published on:
Pinnacle Sports Denies Any of Its Employees Under Arrest:  Business as Usual

In a statement issued by Curacao-based Pinnacle Sports, the company has denied any of its officials have been arrested as part of a massive nationwide sting operation that netted the Sportsbook Director of the M Resort, Michael Colbert.

[Advertisement:  Until October 31, WagerWeb is offering up to $2000 in FREE MONEY.  This offer will not last]

Pinnacle Sports, one of the biggest sports betting operations in the world, issued this statement regarding Wednesday’s sweeping indictments: 

Regarding the recent allegations surrounding the individuals allegedly affiliated with Pinnacle Sports, please be reassured that no Pinnacle Sports employees have been arrested or charged, and Pinnacle Sports itself was not charged in the indictment. We expect no interruptions to our day to day business activities at this time, and will continue to provide our clients the excellent value and service Pinnacle Sports has been known for."

Gambling911.com first broke the story early Wednesday afternoon via Twitter after being tipped off that upwards of 40 people were rounded up as part of a lengthy investigation into a $50 million bookmaking operation.  The Las Vegas Review Journal later confirmed that those arrested included Colbert and operatives US law enforcement claim were working on behalf of Pinnacle Sports. 

Dozens of search warrants and asset seizure warrants were executed in multiple jurisdictions in New York, New Jersey, Pennsylvania, Nevada and California, resulting, to date, in the seizure of real property and more than $7.6 million in cash and gambling chips.

The arrests and/or warrants were carried out by the New York City Police Department’s Organized Crime Investigation Division, the FBI’s Asset Forfeiture Section, the Nevada Gaming Control Board, the New Jersey State Commission of Investigation, the Monmouth County (NJ) Prosecutor’s Office, the New Jersey State Attorney General’s Office, the Pennsylvania State Police and the Los Angeles Police Department. Furthermore, the Office of Loretta E. Lynch, the United States Attorney for the Eastern District of New York, has filed asset forfeiture warrants against the defendants’ assets.

Eight defendants were arrested yesterday and arraigned in Queens County Supreme Court in Kew Gardens. Seventeen additional defendants were arrested yesterday in New Jersey, Pennsylvania, Nevada and California. The defendants are all charged with Enterprise Corruption – a violation of New York State’s Organized Crime Control Act – as well as being variously charged with promoting gambling, money laundering and conspiracy. They each face up to 25 years in prison if convicted.

Pinnacle Sports had exited the US “post up” market in early 2007 following passage of the Unlawful Gaming Internet Enforcement Act (UIGEA), however, the investigation suggests that Pinnacle still utilized operatives within the States to conduct business via credit, whereby gamblers would settle up through cash exchanges with agents allegedly acting on behalf of the sportsbook. 

Colbert remained behind bars on Thursday. 

- Chris Costigan, Gambling911.com Publisher

Gambling News

Mayfield Trade Impact on the Panthers Odds

Mayfield Trade Impact on the Panthers Odds

BetOnline actually now giving Carolina longer odds following the news.

Running Back Prop Bets for the 2022 Season

Running Back Prop Bets for the 2022 Season

Rushing yards and rushing TDs are available for nearly every RB while a select few also have rushing + receiving yards and TDs props.

Gambling.com Group Brings on Board Dave & Busters CFO

Gambling.com Group Brings on Board Dave & Busters CFO

One of the top sports betting affiliates in the USA market, the Gambling.com Group, has brought on board Michael Quartieri to join its Board of Directors.

Can I Bet the 2022 NHL Draft Online?

Can I Bet the 2022 NHL Draft Online?

Shane Wright is the odds-on favorite to be selected the overall number one pick priced at -340.

Sports Betting Firms Use Helping the Homeless in Likely $100 Million Ad Spend to Woo California Voters

But "California Solutions to Homelessness and Mental Health Act" referendum suggesting legalized gambling will help reduce homelessness may rub some voters the wrong way.