Crime and Punishment
CG Technology is no stranger to the limelight when it comes to headlines in gaming news. However, the attention is not always flattering. Recent reports to come online place CG Technologies in the record books for paying the largest fine in the history of Nevada gaming. A subsidiary of the Wall Street Firm Cantor Fitzgerald LP, CG Technologies recently faced an 18-count complaint related to illegal gambling activities that were carried out by some of the firm’s top executives. As a result of the allegations, this Las Vegas bookmaker now has to pay fines that reach a record $5.5 million. This settlement will still be given a final consideration during a scheduled hearing before a five-member commission.
At this point in time, both the Cantor Fitzgerald Chairman and CG Technologies have signed off on this settlement. However, there is still a chance that the final figure could vary. Micheal Colbert is the executive accused of participating in illegal, sports gaming activities that included recruiting bettors and handling monetary transactions. Colbert pleaded guilty to only one felony charge in a New York federal court. The sentence for the crime is still pending, however. The settlement itself does not show that CG Technologies is admitting or denying the company’s involvement in the first four allegations contained in the original complaints. Although, they have put into wiring that the first four allegations, which are the most serious, can be proven by “a preponderance of evidence” that was accumulated against Cantor Gaming, the former title under which the company operated.
The Gaming Control Board has approved of the company’s actions. The fines are meant to restore the public’s faith in this sizable gaming organization in addition to providing “a severe punishment” that stands as an example to anyone considering fraud of this kind. CG Technologies feels that the situation can now be put firmly behind them with the pending of the final distribution of punishment to the guilty parties involved in the illegal gaming activities.