Gambling Firm To Pay Largest Fine In Nevada HistoryCG Technology Agrees To Give State $5.5 Million |
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CG Technology (formerly Cantor Gaming) has agreed to pay the state of Nevada $5.5 million in a settlement stemming from the case of one of its former executives accepting illegal bets, the Las Vegas Review-Journal reported.
The complaint against the company alleged that it either did know, or should have known, about the activity of a rogue employee with shady dealings.
CG Technology, a subsidiary of Wall Street firm Cantor Fitzgerald LP, has around 30 percent of the Silver State sports betting market.
The fine is the largest in Nevada gaming history.
Michael Colbert, the former Cantor Gaming executive, was arrested in the fall of 2012. He has pleaded guilty to one count of conspiracy and is currently awaiting sentencing.
Nevada regulators didn’t accuse anyone at Cantor Gaming of any criminal conduct in addition to what was alleged against Colbert. In other words, he engaged in the criminal behavior on his own. However, the state didn’t think that the firm did its due diligence to prevent his crimes.
“Public trust can only be maintained by strict regulation of gaming,” Nevada Gaming Control Board Chair A.G. Burnett reportedly said. “Violations of the type alleged in the complaint must have significant disciplinary consequences.”
The 18-count complaint was filed on Jan. 6.
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