Report: Cantor Gaming target of money laundering inquiry


Cantor Gaming officials declined to comment Monday on a report that federal agencies are investigating the sports betting firm in connection with alleged money laundering.

The Wall Street Journal reported federal agencies are looking at whether Cantor Gaming employees allowed money laundering of millions of dollars of illegal gambling through its accounts. The report said federal investigators are focused on whether the bookmaker accepted deposits it shouldn’t have and failed to report suspicious transactions to the government.

The list of agencies investigating Cantor Gaming 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; and the inspector general of the Federal Reserve Board.

Cantor Gaming is an affiliate of the New York-based firm Cantor Fitzgerald L.P. The Nevada Gaming Control Board has previously said it’s investigating Cantor in connection with the arrest of former director of risk management Michael Colbert.

Colbert pleased guilty in August to fraud conspiracy. He faces up to five years in prison when he’s scheduled to be sentenced on Dec. 9.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.

 

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