CG Technology Settles Illegal Gambling Investigation for $22 Million
The two cases date back to when the company was known as Cantor Gaming and some folks known as, The Jersey Boys, took great liberties at the company’s expense.
CGT’s first settlement clocked in at $16.5 million and helped shield the company from prosecution for any role it may have had a case involving special treatment for high stakes bettors. According the US Attorney, Cantor officials helped facilitate a variety of regulated sports betting no-no’s including third-party betting via the use of runners.
Allegations of wrongdoing at the old Cantor Gaming stretched right up to the executive level where, according to Reuters, Michael Colbert the company’s director of risk management improperly processed large cash payments for high rolling clients.
The second settlement was for $12 million and covered allegations that Cantor violated a number of financial compliance laws at its regulated Nevada sports books and failed to crack down on what investigators called, “blatantly suspicious activity.” Approximately half of the fine was credited towards the company’s other fines, which brought the total to the $22 million figure.
Unfortunately for Cantor/CGT, this is not the first time they’ve been held to task for the actions their Nevada office. CGT has already shelled out more than $5 million in fines to the Nevada Gaming Control Board as a result of Colbert and his cronies.
Colbert, on the other hand, would more than likely be very happy to shell out a few million to get out of his situation. He’s currently awaiting sentencing on charges related to the matter and could spend as many as five years in prison.