CG Technology reaches NGCB settlement after regulatory complaint7th January 2014 9:04 am GMT
CG Technology, the new corporate identity for Cantor Gaming, has confirmed that it has reached a tentative agreement with the Nevada Gaming Control Board after receiving an eighteen-count complaint from the regulator which stemmed from the arrest of the company’s vice president Michael Colbert fifteen months ago.
The NGCB launched an investigation into the company after Colbert, former vice president of race and sports risk management at M Resort and Cantor Gaming, was named as one of 25 individuals arrested by law enforcement agents in October 2012 in connection with a multi-million dollar illegal sports betting ring operating under the PinnacleSports.com online gambling website.
Colbert pled guilty in a New York federal court last year to one charge of conspiracy after being named as a money collector for the sports betting ring, and is currently awaiting sentencing.
The eighteen-count complaint filed Monday by the Nevada regulator alleges that CG Technology was in violation of gaming regulations as the company failed to supervise Colbert sufficiently.
“Matters in the complaint stem from the illegal activity of a former employee, Michael Colbert, who pled guilty to federal charges following his arrest fifteen months ago,” said CG Technology in a statement yesterday.
The company added that it has conducted its own extensive internal analysis of Colbert’s actions and of the company’s systems, operations, and procedures, and has implemented additional compliance processes.
The complaint also includes other violations of the state’s gaming regulations by the company, including missing records of in-running wagering events over the past five years, problems with the company’s records for wagering applications, and the failure of the company preventing employees from placing bets at the M Resort race and sports book.
CG Technology said that it has reached a tentative agreement with the NGCB for a “monetary amount” to be paid in full settlement of the regulatory complaint filed by the board.
“CG Technology expects to finalize this matter with the board soon,” said the company in a statement. “The company remains focused on delivering exceptional technology products and services to our valued customers and casino partners.”