For a breach of the terms of a divestiture agreement
bwin.party fined in New Jersey
The New Jersey Division of Gaming Enforcement announced that online gambling operator bwin.party has been fined USD 10,000.
2015-10-22
Reading time 32 seg
The New Jersey Division of Gaming Enforcement announced that online gambling operator bwin.party has been fined USD 10,000.
The firm was penalized for a breach by one of its shareholders of the terms of a divestiture agreement imposed in the licensing process.
The 2013 agreement involved a pledge by major shareholders Ruth Parasol and Russell DeLeon that certain shares would be placed in trusts and divested over a 3 year period commencing when Bwin’s license to operate in New Jersey was granted.
The DGE said that the agreement has been violated, resulting in the imposition of the fine, because the company failed to “provide notification to the division, which could increase the duration of the disposal period and have the unintended consequences of affecting the independence of the trustees in the performance of their duties.”
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