Connect with us

Hi, what are you looking for?

Investing

Former MGM Grand casino president to be sentenced for failing to report bookie’s bets

The former president of the MGM Grand casino in Las Vegas is set to be sentenced Wednesday afternoon on a federal criminal charge related to his failure to report millions of dollars in wagers by an illegal bookmaker at his casino.

Scott Sibella, the ex-MGM executive, pleaded guilty in January to one count of failure to file reports of suspicious transactions required to be made by casinos under the Bank Secrecy Act.

Sibella’s lawyers have asked that he be sentenced to probation, as have prosecutors.

Sibella admitted knowing that a patron of his casino, Wayne Nix, ran an illegal bookmaking business, according to the Department of Justice.

“Despite this knowledge, Sibella allowed Nix to gamble at MGM Grand and affiliated properties with illicit proceeds generated from the illegal gambling business without notifying the casino’s compliance department,” the DOJ said in a press release in January.

“Not only did Sibella allow Nix to gamble at the casino, he also authorized Nix to receive complimentary benefits at the casino, including meals, room, board and golf trips with senior executives and other high net-worth customers of the casinos to further encourage Nix to patronize the casino and/or other affiliated properties,” the DOJ added in the statement.

At the time of Sibella’s guilty plea, the DOJ also said it had resolved an investigation into alleged violations of money laundering laws and the Bank Secrecy Act at MGM Grand and The Cosmopolitan of Las Vegas. The casinos agreed to settlements that required them to pay a combined $7.45 million, as well as to enhance their anti-money laundering compliance program.

“In their respective [non-prosecution agreements] MGM Grand and the Cosmopolitan each accepted

responsibility for laundering Nix’s illicit funds and failing to properly file suspicious activity reports (SARs) on Nix, who conducted numerous transactions involving millions of dollars at the casinos between 2017 and 2020,” the DOJ said at that time.

This post appeared first on NBC NEWS
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Stock

Boeing’s spaceflight program may reach a significant milestone Monday night with the launch of its Starliner spacecraft, carrying — at long last — two...

Investing

Arcade chain Dave and Buster’s plan to allow customer betting isn’t winning over everyone. Software company Lucra Sports announced on Tuesday that it was working with...

Top News

It appears increasingly possible that Donald Trump could face actual jail time before we ever get a verdict in any of his four criminal...

Stock

A 17-year-old boy handed himself in to police after admitting that he attacked a German politician on Friday. Police say that Matthias Ecke, the...

Disclaimer: InvestorsOnRetire.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 InvestorsOnRetire. All Rights Reserved.