View Full Version : $50MM Illegal Betting Ring Yields 25 Indictments

10-25-2012, 08:21 PM
ESPN STORY LINK (http://espn.go.com/espn/story/_/id/8550476/new-york-issues-25-indictments-50-million-betting-ring)

Nevada Gaming Control Board agents, who had been assisting New York investigators in the case since July 2011, arrested eight people in Las Vegas on charges of conspiracy, money laundering and enterprise corruption. Among those taken into custody was Mike Colbert, a prominent Las Vegas sports book director for Cantor Gaming.

Arrests took place in New York, New Jersey, Pennsylvania, Nevada and California.

Cantor Gaming, an affiliate of the New York-based financial services firm Cantor Fitzgerald, is not implicated. But Colbert has been a visible presence representing the nascent wagering company on the Vegas Strip. Cantor Gaming is trying to revolutionize the sports wagering business by using high-speed, Wall Street-style trading philosophies at the six Las Vegas sports books that it runs.