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Casino News:

  Las Vegas Sands Casinos under investigation in money filtering case

WASHINGTON — Las Vegas Sands Corp. under the proprietorship of prestigious Republican benefactor Sheldon Adelson is being scrutinized by the U.S. Justice Department owing to its failure to submit details of the probable filtered money relocated into its casinos by two impressive gamblers of Las Vegas, thereby violating the national law. This information has been provided by the Wall Street Journal.
Referring to the investigation carried out by the lawyers and central officers, the paper stated that the office of U.S. notary in Los Angeles is investigating about the deposits made by Ausaf Umar Siddiqui, an executive of California with Fry’s Electronics and Zhenil Ye Gon, a pharmaceutical businessman of Mexico, in the middle of 2000. The former was charged for unlawful bribing while the later was accused of drug trafficking in 2007.
A probe into the deposit made by Siddiqui worth $100 million is being carried out by the Justice Department. Earlier, he has served as a Vice President at Fry’s Electronics and was taken into custody in 2009 for taking unlawful payments and has got a six-year imprisonment.
Approximately $85 million were relocated by Ye Gon, a Chinese by birth into the casinos possessed by Sands in the last decade. As mentioned in an official statement referred to by the Journal, over $125 million was lost by him at Las Vegas Casinos. The workers at Sands casino should have become cautious about the distrustful actions of Ye Gon by his use of exchange houses of Mexico. He was prosecuted in the U.S. for buying and selling of prohibited drug methamphetamine. In 2009, he was released from the punishment; however he is to be handed over to Mexico to go through other punishment in trafficking and money laundering cases.
As stated in the paper, there are no signs of proceedings into the examination process by the CEO of Sands, Adelson who is also an important political benefactor for the Republican Party. A promise to spend around $100 million in the coming election series was made by Adelson. The Journal also stated that worried about the leniency of financial system of the industry that could be utilized for money filtering and other unlawful activities, the central investigators have started focusing on the casinos as per information provided by the Justice Department. Ron Reese, a presenter for the company informed the Wall Street Journal that the company has acted appropriately and is not involved in any criminal activity.
There are other resorts also under the possession of Las Vegas Sands Corp., e.g. Palazzo & Venetian resorts in Las Vegas and identical resorts in Singapore & Macau. Macau is an ex-Portuguese colony by Hong Kong.


   2012-08-09






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