Cantor Executive Under Scrutiny For Illegal Gambling

Published Thursday, October 03, 2013 -
Cantor Executive Under Scrutiny For Illegal Gambling

Cantor Gaming is the first company licensed by the Nevada Gaming Commission to manufacture, distribute and operate a mobile gaming system in the state.

Cantor Gaming provides casinos with a complete mobile gaming solution, including a proprietary wireless gaming system, full back-office infrastructure and a portfolio of casino games. The company now operates the sports books at The Venetian, The Palazzo, The Cosmopolitan, Palms, Hard Rock Hotel & Casino, Tropicana, M Resort Spa Casino, and Silverton Casino in the Las Vegas Valley.

A recent article in the Wall Street Journal has brought to light that Federal prosecutors are investigating the top executive at Cantor Fitzgerald LP's gambling unit Lee Amaitis. The executive’s alleged involvement was uncovered after former executive Michael Colbert for Cantor Gaming pleaded guilty to knowingly accepting illegal wagers. The question has arisen whether or not Mr. Amaitis the executive in charge knew anything about the activities of Mr.Colbert.

Mr. Amaitis has had a long and successful career with the Cantor Fitzgerald firm and after he relocated from London to Nevada, he vowed to transform the sports-betting industry there. Cantor's sophisticated technology, modeled on its bond-trading applications that Amaitis created in the United Kingdom is punting on a bold approach to sports betting including accepting large wagers.

The government is alleging Mr. Colbert and other Cantor executives knew one of their bettors was illegally working on behalf of a third party which is an illegal activity. . Prosecutors maintain that bets from a small number of high-stakes players left Cantor potentially exposed to large losses and to offset those risk Mr. Colbert was said to seek other bets that would cancel out the large wagers.

The Nevada Gaming Control Board said last year it was investigating potential wrongdoing by Mr. Colbert, Cantor Gaming itself and other senior executives. A.G. Burnett, the chairman of the NGC board, believes the state's investigation would be completed soon.

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