Cantor Fitzgerald gambling arm to pay $2 million to settle regulator complaint

Gambling regulators believe Cantor Gaming should have had more oversight with an executive’s illegal bets

Wall Street firm Cantor Fitzgerald LP’s gambling arm, known until this week as Cantor Gaming, has agreed to pay $2 million to settle gambling regulators’ allegations of illegal bets, according to sources close to The Wall Street Journal.

According to the complaint filed with the Nevada Gaming Control Board, regulators believe that Cantor Gaming, or chief executive Lee Amaitis, should have known that former executive Michael Colbert was placing illegal bets. While the complaint does not say that Amaitis placed illegal bets himself, regulators say that failure to supervise an employee and prevent criminal behavior properly is in violation of Nevada gaming code.

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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