Former president of MGM Grand pleaded guilty last week to violating federal anti-money laundering laws in a case involving former minor league baseball player turned underground bookie Wayne Nix.
Scott Sibilla could now receive a $250,000 fine and five years in prison. Despite his guilty plea, Sibilla denied any personal gain from the money laundering scheme in which it was carried out MGM big.
“I take full responsibility for my actions or inaction, but I must make clear that I did not take any action in my personal interest or interests,” Sibilla said.
Details about the betting plan
The latest developments come after a federal investigation involving Nix. Prosecutors allege the bookmaker visited MGM Grand several times over three years and bet up to $3 million. Sibilla never alerted federal officials as required under anti-money laundering laws.
The investigation found that Nix and his associates received numerous perks including golf trips with company executives as well as free rooms, meals and more. As part of his confession, Sibilla also admitted to knowing that Nicks was running an underground sportsbook.
This organization used professional athletes to help source bettors and also used the relationship with MGM Major for expansion as well, according to the investigation. In 2022, Nix and several of his associates pleaded guilty to running the illegal operation and other crimes, including tax violations.
Sibella, who later served as president of Resorts World Las Vegas before being laid off last year, admitted to federal officials that he knew Nix was running an illegal business, but allowed him and others involved to gamble “because he wasn’t doing anything to cheat.” “Casino.”
Organized crime has targeted casinos in recent years to launder money gained through illegal means.
“Mr. Sibella’s willful violation of the Bank Secrecy Act’s obligations to report suspicious activities has weakened the bank’s credibility MGM “The biggest is in danger.” tax authority Special Agent Tyler Hatcher said. “The Bank Secrecy Act mandates suspicious activity reporting to protect financial institutions from engaging in money laundering activities that often benefit criminal or terrorist organizations.”
the MGM Grand and Cosmopolitan also agreed to significant fines as part of non-prosecution agreements with the Department of Justice as well. MGM Grand will pay $7 million with Cosmopolitan also paying $1.4 million.
The two properties also agreed to strengthen anti-money laundering protection and compliance procedures. It was witnessed last year MGM Resorts in the news are quite a bit — from a major cybersecurity breach to a lawsuit filed by a celebrity who claims he was drugged at the resort MGM big.
