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Las Vegas Sands Pays $47.4 Million to Feds to Escape Criminal Charges

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Las Vegas Sands Pays $47.4 Million to Feds to Escape Criminal Charges

Las Vegas Sands Corp. is forking over $47.4 million to your Feds to avoid criminal indictments for money laundering

A great deal of individual states make bank on gambling activities of their constituents; things such as for instance lotteries and casino taxes. But the government that is federal to have discovered their money cow at a much higher and slicker level today: skimming huge sums from indicted gambling organizations in change for the culprits getting away with light or no sentencing.

Full Tilt boss Ray Bitar was an example that is notable of recently, and now Las Vegas Sands Corp. headed by billionaire curmudgeon Sheldon Adelson has followed suit, agreeing to pay for $47.4 million in punitive fines so that federal prosecutors do not slam the casino conglomerate with criminal fees for money laundering. Just the cost of doing business, it seems.

DoJ and Sands Come to Terms

A recently signed contract between the U.S Department of Justice (DoJ) and Las Vegas Sands states that, considering the evidence, the business was recalcitrant in alerting federal authorities when one of its whales made numerous questionably large deposits at their vegas casino The Venetian in 2006 and 2007. The high stakes gambler under consideration was later on tied to a major drug trafficking ring that is international.

The agreement ends a two-year investigation that is criminal the U.S. Attorney’s office in Los Angeles, and that office has agreed to seek no further indictments aswell. Read More