Cantor Gaming reaches settlement with Nevada regulator

According to the Wall Street Journal newspaper, the fine is in relation to the illegal activity of former employee, Michael Colbert, who admitted to taking illegal bets on behalf of Cantor.

The complaint said the company or its chief executive, Lee Amaitis, knew or should have known that Colbert was taking illegal bets and that the failure to supervise an employee to prevent criminal activity violates Nevada’s gambling regulations.

In the settlement, Cantor did not admit that it knew or should have known about the illegal activities but said in the documents that the board could have proved its case before the Nevada Gaming Control Board.

However, the settlement documents stated that Cantor did admit guilt for a series of record-keeping infractions. The settlement deal is now subject to approval from the gambling commission. A.G. Burnett, Nevada Gaming Control Board’s chairman, verified the settlement documents yesterday (Tuesday)."This is the culmination of a long investigation, and the result is a harsh penalty," Burnett said.

The state does not allege that Amaitis engaged in illegal activities himself, with the chief executive stating through a spokesperson that he denies doing anything improper.

Cantor also denied any wrongdoing beyond the actions of Colbert and said no other executives were involved. In 2012, Colbert pleaded guilty to knowingly accepting illegal bets on behalf of Cantor.

“We are glad to be able to reach resolution on this matter and look forward to this being behind us,” a Cantor Gaming spokesperson said.