The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

Former MGM Grand casino president to be sentenced for failing to report bookie’s bets

by admin May 9, 2024
May 9, 2024
Former MGM Grand casino president to be sentenced for failing to report bookie’s bets

The former president of the MGM Grand casino in Las Vegas is set to be sentenced Wednesday afternoon on a federal criminal charge related to his failure to report millions of dollars in wagers by an illegal bookmaker at his casino.

Scott Sibella, the ex-MGM executive, pleaded guilty in January to one count of failure to file reports of suspicious transactions required to be made by casinos under the Bank Secrecy Act.

Sibella’s lawyers have asked that he be sentenced to probation, as have prosecutors.

Sibella admitted knowing that a patron of his casino, Wayne Nix, ran an illegal bookmaking business, according to the Department of Justice.

“Despite this knowledge, Sibella allowed Nix to gamble at MGM Grand and affiliated properties with illicit proceeds generated from the illegal gambling business without notifying the casino’s compliance department,” the DOJ said in a press release in January.

“Not only did Sibella allow Nix to gamble at the casino, he also authorized Nix to receive complimentary benefits at the casino, including meals, room, board and golf trips with senior executives and other high net-worth customers of the casinos to further encourage Nix to patronize the casino and/or other affiliated properties,” the DOJ added in the statement.

At the time of Sibella’s guilty plea, the DOJ also said it had resolved an investigation into alleged violations of money laundering laws and the Bank Secrecy Act at MGM Grand and The Cosmopolitan of Las Vegas. The casinos agreed to settlements that required them to pay a combined $7.45 million, as well as to enhance their anti-money laundering compliance program.

“In their respective [non-prosecution agreements] MGM Grand and the Cosmopolitan each accepted

responsibility for laundering Nix’s illicit funds and failing to properly file suspicious activity reports (SARs) on Nix, who conducted numerous transactions involving millions of dollars at the casinos between 2017 and 2020,” the DOJ said at that time.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Disney and Warner Bros. Discovery to bundle streaming services
next post
Biden administration orders online banker Chime to pay $4.55 million over delayed refunds to customers

Related Posts

Trump ends de minimis exemption for global low-cost...

July 31, 2025

Here’s what has driven the Dow rally to...

May 18, 2024

Possible work stoppage at Canada’s two largest railroads...

August 20, 2024

Boeing and Airbus may have used ‘counterfeit’ titanium...

June 17, 2024

Top liquor distributor favored Costco and Kroger over...

December 14, 2024

Dave & Buster’s to let players bet against...

May 2, 2024

Auto insurance rates are jumping the most since...

May 25, 2024

FTX exec who turned on Sam Bankman-Fried sentenced...

May 30, 2024

Walmart to pay $10 million to settle lawsuit...

June 24, 2025

Sports bar chain Twin Peaks is going public....

February 1, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The Real Drivers of This Market: AI, Semis & Robotics

      October 31, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      October 31, 2025
    • Trump’s fire fades on Russia as he pulls troops, avoids pressing Xi on oil

      October 31, 2025
    • GOP lawmaker says backing Cuomo over ‘communist’ Mamdani a ‘no-brainer’

      October 31, 2025
    • Ultra-Orthodox protesters in Jerusalem rally over Israel’s draft exemption as clashes break out

      October 31, 2025
    • GOP blasts Jay Jones over disputed $500K claim, points to record of deception

      October 31, 2025

    Categories

    • Business (1,426)
    • Politics (4,896)
    • Stocks (1,741)
    • Uncategorized (45)
    • World News (1,419)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved