For the Jersey Boys, Cantor Gaming failed to file a lot of reports. After a two-year investigation, police seized millions of dollars in cash and arrested 25 people, including the head bookmaker at Cantor Gaming. In August, the CEO resigned. Detective McNally is happy with the way the case turned out, but he's not convinced it will really make a difference. I don't know. Money does weird things I guess. Gamblers don't always know when to quit. All rights reserved.
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Alexandra Berzon and Michael Rothfeld were first with the news on Oct. Federal and state authorities are investigating the sports-betting affiliate of Wall Street bond firm Cantor Fitzgerald LP in connection with alleged money laundering of illegal gambling proceeds, according to people familiar with the matter.
He pleaded guilty in August to fraud conspiracy. The Wall Street Journal reported in early October that the investigation reaches further up at Las Vegas-based Cantor Gaming, with federal prosecutors in Brooklyn looking at whether its chief, Lee Amaitis, might have had some role in a scheme involving acceptance of illegal sports bets. Colbert, who is now cooperating with the probe, according to the people familiar with the matter, was the second-ranking executive at Cantor Gaming, reporting directly to Mr.
Amaitis declined to be interviewed. Treasury and Justice Departments have been increasingly focused in recent years on potential money-laundering violations at casinos. The probes generally center on how the gambling companies allegedly help to facilitate money laundering or fail to report suspicious activities. It rose to become one of the largest sports-betting operators in the country, with locations in seven Nevada casinos.
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