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Las Vegas Sands Corp. Message Board

  • srbbs srbbs Mar 3, 2013 12:55 AM Flag

    LAS VEGAS SANDS, DOJ DISCUSSING SETTLEMENT OF MONEY LAUNDERING INVESTIGATION

     

    OCTOBER 30, 2012
    0 COMMENTS
    Casino operator Las Vegas Sands Corp. (LVS) and the US Department of Justice are discussing a possible settlement of a DoJ investigation into whether LVS’ dealings with a couple casino whales broke US money-laundering laws. In August, the DoJ revealed it was conducting the probe into LVS’ relationship with Zhenli Ye Gon, a Mexican national who reportedly lost $125m at Nevada casinos over the years. The DoJ alleged that suspected methamphetamine supplier Ye Gon’s use of mom-and-pop Mexican currency-exchange firms known as ‘casas de cambios’ to transfer $85m to Vegas casinos should have prompted LVS to file ‘suspicious activity’ reports, but LVS pointed out that Ye Gon’s name was not on any financial watch lists at the time the money was transferred. The DoJ was also investigating the $100m transferred to Vegas casinos by former Fry’s Electronics VP Ausaf Umar Siddiqui, who was convicted in 2009 for taking illegal kickbacks from Fry’s suppliers.

    On Sunday, the Wall Street Journal reported that LVS and the DoJ were in the process of brokering a deal that would see LVS pay a fine and agree to keep a more watchful eye on future mega-transfers. In exchange, the DoJ would agree not to indict the company or its executives. The two parties reportedly met in July in Los Angeles, where each side made presentations as to the relative strengths of their arguments. The DoJ reportedly told LVS that, if convicted, it faced penalties including fines and forfeitures that could top $100m. The WSJ indicated the discussions – the latest of which took place just last week – were ongoing and that the DoJ could still press ahead with filing charges. If so, it would be the first time a casino company has been charged with a criminal rather than a civil offence since the filing of suspicious transaction reports was made mandatory in 2003.

    The Ye Gon/Siddiqui investigations are unrelated to separate DoJ investigations into whether LVS’ dealings with public officials in Asia violated the Foreign Corrupt Practices Act. As for how all this legal scrutiny might be impacting LVS’ current behavior, the company’s chief marketing officer Rom Hendler told AdAge it wasn’t affecting his approach in the slightest. “Yes, we are in the news and yes, we do see certain things that are impacting our operations, like some of these investigations. But from a marketing perspective, we don’t see that as relevant.” To underscore this point, Hendler said the brouhaha was “completely irrelevant” in Asia, where the company makes 82% of its bones.

    On a purely speculative note, could LVS’ eagerness to settle with the DoJ indicate that chairman Sheldon Adelson has become pessimistic of his presidential horse Mitt Romney’s chances at winning the White House on Nov. 6? Adelson may have been counting on a President Romney bringing the DoJ attack dogs to heel, but Adelson may have realized a deal now might cost him less than it might after Obama renews his four-year lease on the Oval Office.

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    • Adelson should go to jail

      he has no respect for law

      justice system shouldnt have 2 set of laws, one for the rich and other for the average joe

    • avb911t@sbcglobal.net avb911t Mar 3, 2013 1:59 PM Flag

      HSBC paid $1.9 Billion fine for criminal money laundering.

      Zhenli Ye Gon , Mexico's biggest drug kingpin laundered hundreds of millions of drug money at Vegas Venetian with full knowledge of LVS 's bosses, so much so, Adelson gave Zhenli a Rolls Royce for blowing hundreds of millions at the baccarat tables.

    • hang MF Attorney General/Banksters/SEC/FINRA WACTH DOGS IN A PUBLIC SQUARE

      ONLY WAY TO STOP FRAUD LOOT IN USA FRAUD STREET CASINO

      AMERICANS ARE HISTORY WITHOUT REVOLUTION: DR. PAUL CRAIG ROBERTS

      Sentiment: Strong Sell

    • government should cancel their gaming license to set an example

      down she goes

      • 1 Reply to marko213portw
      • Cancel gaming license? LOL You must have absolutely no regard for the intellect of Obama's administration. This is not a scene where a U.S. corporation is paying a foreign gov't official bribes to charge more for multi-million orders on a cost plus reimbursement contract. Yet to shut down their U.S. gaming license would elminate at least 10,000 or so jobs of U.S. citizens and probably that many more illiegal alien jobs in the related service businesses in Los Vegas as well as slam down millions of Federal tax revenues paid annually by the U.S. operations alone, and millions more by dividend recipients and the funds reptriated from international operations.

        for argument's sake, let's assume they paid former Chinese officials the grease money typical for Macau approvals, permits, etc and that the U.S. govt wants to set an example of that.... the Feds would likely do so by imposing a relatively trivial fines per historical violation and insist that next time more serious sanctions will be imposed. They'll also want to insist LVS changes its compliance program, which has been being talked about by LVS for at least 9 months now.

 
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