Former Palms manager pleads guilty in betting hustle

Oct 31, 2013 |
A former manager at Las Vegas' Palms race and sports book has pleaded guilty to defrauding the establishment of more than $800,000, according to the Las Vegas Review-Journal.

Michael Albanese has entered a guilty plea to conspiracy to commit wire fraud and has agreed to work with prosecutors. He has, however, agreed to repayment to the Palms.

Albanese and a small group of former employees who were in on the arrangement are accused of taking invalid quinella wagers on horse races with winning bets being paid out from casino funds. Losing bets were refunded.

According to the article:

The group conspired to accept bets on races with less than six horses running.

Albanese, 41, will be sentenced on March 24.

Two other former employees of the Palms involved in the plot also pleaded guilty and await sentencing.

A fourth individual involved, a bettor named Charles Pecchio, awaits a February trial.

Per the Review-Journal:

The aforementioned Jelinsky brothers had purportedly ran an illegal operation out of the Palms and another casino.

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