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

Jan 13, 2014 |
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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