Click Now!

Las Vegas Sands Settles Money Laundering Case with $47 Million Payout

Las Vegas Sands Settles Money Laundering Case with $47 Million Payout

The casino operator Las Vegas Sands has agreed to pay $47.4 million after failing to report millions of dollars it gained from a gambler linked to drug trafficking. The U.S. Attorney’s Office in Los Angeles said that is has agreed to end its criminal investigation and will not be seeking an indictment against the casino operator.

Las Vegas Sands Settles Money Laundering Case with $47 Million Payout

Las Vegas Sands has settled a federal money laundering case by agreeing to pay over $47 million to the U.S. Government.

The probe carried out found that the Chinese Mexican businessman, Zhenli Ye Gon, had transferred more than $45 million to the casino between 2006 and 2007. Ye Gon is now facing drug-trafficking charges in Mexico.

The investigators concluded that Las Vegas Sands had failed to comply with a federal law which requires casinos to report suspicious financial transactions involving customers.

U.S. attorney Attorney André Birotte Jr. of California’s Central District said, “For the first time, a casino has faced the very real possibility of a federal criminal case for failing to properly report suspicious funds received from a gambler. “This is also the first time a casino has agreed to return those funds to the government. All companies, especially casinos, are now on notice that America’s anti-money laundering laws apply to all people and every corporation, even if that company risks losing its most profitable customer.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

COMMENTS

comments