Online reports disclosed another big gaming figure that’s become the target of money laundering inquiry. Cantor Gaming is now on the hot seat facing an inquiry investigation regarding allegations connected to money laundering. Officials of the company however declined to give any comment about the report which divulged information that federal agencies are targeting the company for possible money laundering. The sports betting firm is connected to such allegations following reports that employees from Cantor Gaming are allowing millions of dollars to be used for illegal gambling through the company accounts. Wall Street reported that federal agencies are still looking into the veracity of the allegation.
According to recent reports about the virtual sports betting casino, federal investigators are still in the process of verifying the allegations. Investigators are focusing on the efforts of discovering whether employees or the bookmaker indeed accepted illegal deposits and failed to address and report transactions to the government which are deemed suspicious. Cantor Gaming has several federal agencies tailing them to find the truth about the money laundering case. Some of the agencies conducting investigation include the Brooklyn based US attorney’s office, Internal Revenue Service, US Postal Inspection and the Financial Crimes Enforcement Network or FinCen under the Treasury Department. The Federal Reserve Board’s inspector general is likewise putting all investigative efforts in place. Sources say there will be more updates and news regarding the alleged money laundering case for Cantor Gaming in the near future.
Cantor Gaming is a well known New York based firm affiliate of Cantor Fitzgerald LP. Prior to the money laundering allegations, the gaming control board of Nevada also announced that it is conducting investigation regarding Cantor’s connection with its former executive, Michael Colbert who was arrested for fraud conspiracy. Colbert is the former risk management director of Cantor Gaming and pleaded guilty for the allegations against him. He now faces up to 5 years of imprisonment upon sentencing. His scheduled sentence will on the 9th of December 2013. Cantor Gaming is one of the prime sports betting operators and a huge name in the bookmaking industry which faces investigative inquiry from the federal government.