Report: Cantor targeted in money laundering investigation

Cantor Gaming is allegedly being investigated by federal and state authorities for laundering illegal gambling proceeds according to "people familiar with the matter", says a report from Monday in the Wall Street Journal .

Reports earlier in October alleged Cantor Gaming Chief Lee Amaitis and Cantor Gaming were being investigated for knowingly taking illegal sports bets.

If true, the probe follows a guilty plea to fraud conspiracy by former VP of risk management at Cantor, Michael Colbert. Colbert admitted to accepting illegal wagers and participating in an illegal gambling ring that included the arrest of 24 others. The plea came to light following the release of sealed documents in late September and Colbert is said to be cooperating with authorities.

Cantor Fitzgerald is denying the investigation, according to reports, and a spokesman told the WSJ "that Colbert’s wrongdoing, to which he has pleaded guilty, was his alone and did not extend to other executives…or the company as a whole.”

A federal law requires companies to report all cash transactions of greater than $10,000, which Cantor says it has always complied with.

The source says the list of those investigating Cantor includes the U.S. attorney’s office in Brooklyn, the U.S. Postal Inspection Service, the Internal Revenue Service, the Treasury Department’s Financial Crimes Enforcement Network, the inspector general of the Federal Reserve Board, and the Nevada Gaming Control Board previously said it is investigating the sports betting operation.

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Posted by rebelair95
8 months ago

Cantor Gaming came to Vegas, operated a sports book at a local property like the M resort and took in more money at their Sports books than all of the big name strip properties. Does anyone find that a bit suspicious? You could see the corruption going on from a mile away. They catered to runner/professional action and did not report the action properly to gaming. Plus Cantor rubbed this action in gamings face when they did the 60 minutes interview and bragged about taking runner action from Billy Walters. A man barred from most sports books.
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Posted by LeoEuler
8 months ago

I find it hilarious that Cantor is being investigated by 3 of the most corrupt organizations on the planet: the IRS, the Treasury Department, and Federal Reserve.
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Posted by JohnnyJet0023
8 months ago

It breaks down to paying the tax man. If the federal government is not getting it's tribute they will come after you. Who said the mob was dead, it has just been taken over by bureaucrats!
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Posted by budwiser
8 months ago

There must be some reason they're going hard after Cantor, other than illegal wagers, as that goes on all the time....
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Posted by sstotenkopf
8 months ago

how do you think lee amaitis got the nickname "the brooklyn bruiser"
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Top Response

Posted by JohnnyJet0023
8 months ago

"It breaks down to paying the tax man. If the federal government is not getting it's tribute they will come after you. Who said the mob was dead, it has just been taken over by bureaucrats!"