CG Technology, formerly Cantor, to pay record $5.5 million fine

The sports book management company CG Technology, formerly known as Cantor Gaming, will pay a record $5.5 million fine under a proposed settlement with the state.

The fine settles an 18-count complaint that the company or its CEO should have known one of its top executives was accepting illegal bets. It is the highest ever levied by Nevada gaming regulators against a licensee. The board could have recommended revoking or suspending the company’s license.

State Gaming Control Board Chairman A.G. Burnett today confirmed the amount of the fine and both CG Technology CEO Lee Amaiti and Cantor Fitzgerald Chairman Howard Lutnick signed off on the settlement.

Prior to the fine announced today, the largest ever doled out by Nevada gaming regulators was $5 million in 2003 against MGM Mirage, now known as MGM Resorts International.

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Posted by vegasslim
10 months ago

9. The Indictment also alleges Paul Sexton and Michael Colbert acted in concert to launder money which represented the proceeds of criminal conduct. 70. Paul Sexton placed approximately 4,464 wagers with CANTOR GAMING from July of 201 1 through October 24, 201 2. The total amount of these wagers was approximately $22,000,000.00. 71 . Paul Sexton only placed wagers for Gadoon Kyrollos with CANTOR GAMING.
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Posted by vegasslim
10 months ago

what it means is the former VP allowed runners from a ny sportsbetting ring to place bets at the M and cantor did nothing to stop it
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Posted by Phor20
10 months ago

yeah, what is an illegal bet??????
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Posted by tomnolan
10 months ago

what does "accepting illegal bets" mean??????
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Posted by cocky24
10 months ago

they are asking, cash or check to pay that weak fine
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Posted by Coatsy
10 months ago

Pocket change for these guys. Best outcome they could have asked for.
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Posted by NMEcapital
10 months ago

next up bovada, full tilt, pokerstars, ACR, am i missing any?
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