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Las Vegas Sands Works on Settlement with Prosecutors

Federal prosecutors have discussed a possible settlement with Las Vegas Sands Corp over the Justice Department’s probe of the casino company’s alleged violations of money laundering laws.

Federal prosecutors have discussed a possible settlement with Las Vegas Sands Corp over the Justice Department’s probe of the casino company’s alleged violations of money laundering laws.

The casino company has been investigated to determine if it failed to report suspicious financial transactions of two of its biggest customers.

According to court filings the customers have moved millions of “allegedly ill-gotten dollars through the casino operator’s accounts”.

Lawyers for Las Vegas Sands tried to persuade prosecutors to drop the case last July. However, the prosecutors said that they could indict the casino operator on charges of conspiracy to commit money laundering.

Prosecutors from the Los Angeles U.S. attorney’s office met with company officials recently and said that Las Vegas Sands in order to avoid prosecution it could pay a fine and change the way it handles customers’ money.

So far Las Vegas Sands and prosecutors have not yet reached an agreement on the settlement.

Earlier in the year a spokesman for Sands insisted that the company was innocent and was fully cooperating with the investigation.

Neither Las Vegas Sands nor the Los Angeles U.S. Attorney’s office was available to give a comment. Sands CEO, Sheldon Adelson, was also unavailable to comment.

 

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.

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