Caesars Entertainment Money Laundering Allegations Could Cost Operator Millions in Fines

Caesars is likely to pay a fine of between $12 million and $20 million for failing to implement proper anti-money laundering measures at their flagship Las vegas, nevada property.

Caesars Entertainment Corp. could be subjected to an incredible number of dollars in fines as the business attempts to settle money laundering allegations it faces from the government that is federal. The video gaming operator happens to be in talks with US authorities over how exactly to settle the claims, which could result in a fine somewhere into the range of $12 million to $20 million.

Speaks, which have been carried out between the Financial Crimes Enforcement Network (FinCEN) of the US Department of this Treasury, were most recently held on 29 and were revealed in the company’s latest Securities and Exchange Commission filing april. A federal grand jury investigation into the allegations normally ongoing.

‘The company and Caesars Palace have now been completely cooperating with both the FinCEN and jury that is grand since October 2013,’ Caesars said in its filing.

Investigation Began in 2013

Back in 2013, FinCEN first informed Caesars that it was investigating the company for alleged violations of this Bank Secrecy Act, an anti-money laundering law. At the time, it was unclear what, if any, penalties would emerge through the research.

FinCEN has long felt that casinos have inked a poor job of prev (more…)

By on March 5th, 2020 in Slots Of Vegas Casino

Massachusetts Mayors Blast Anti-Casino Study as Bogus

Everett Mayor Carlo DeMaria had been among a group of Massachusetts mayors and city leaders whom rejected the claims in a recent anti-casino research.

Some Massachusetts mayors and city executives in the state have blasted a casino research that claims resorts that are new hurt lottery profits for cities and towns here. Anti-casino advocates are employing the study to recommend that the economic benefits of adding gambling enterprises in Massachusetts have been overstated, and that voters should repeal the casino law in the upcoming November ballot referendum.

According to the study, that has been released by Repeal the Casino Deal, local lottery earnings could drop by up to 22 per cent if the new casinos are allowed to be built. Overall, the scholarly study estimates that as much as $103 million could be lost as consumers who used to try out the lottery change instead to casinos.

Mayors, Town Officials Reject Research

However a group led by Everett Mayor Carlo DeMaria, Springfield Mayor Domenic Sarno and Plainville Town Administrator Joseph Fernandes (all of whom lead towns and metropolitan areas where casinos and slot parlors happen authorized) is rejecting these numbers, saying that other analysts have come up with entirely results that are different. According to the municipal leaders, any lottery losses would be short-term, and would become more than offset by this new revenues introduced by the casinos.

‘These c (more…)

Comprehensive Tilt CEO Ray Bitar in Ill Health and Near Destitute, Allen Cunningham Says

Ray Bitar was forced to surrender $40 million after pleading guilty to charges related to his time as CEO at Full Tilt, but avoided a harsh prison sentence.

Poker pro Allen Cunningham says that former Full Tilt CEO Ray Bitar is struggling with health conditions and hasn’t been living the life that is high all since his sentencing this past year, despite what some poker fans may think. Those comments came within the middle of a TwoPlusTwo.com forums thread discussing the details of the assets that Bitar was forced to forfeit as part of his punishment for crimes related to their time as mind of the poker site that is infamous.

‘According to my sources Ray Bitar is unlikely to live no more than a couple years and it is nearly penniless,’ Cunningham penned in an answer the ‘conspiracy theorists’ who suggested that Bitar faked his heart related illnesses to get a more lenient deal last 12 months. ‘He don’t break free with anything. That should be worth more than a random nvger’s gossip as I ended up being member of team full tilt.’ [sic]

Guilty of Full Tilt Charges

Bitar was sentenced last April to time served after pleading guilty to fees of unlawful Internet gambling and conspiracy to commit bank fraud and wire fraud. That phrase also included the forfeiture of $40 million in assets that were produced by his just work at Full Tilt. At the time, Judge Loretta A. Preska noted that Bitar wou (more…)