The Las Vegas Sands Corp, operator of the Venetian and Palazzo hotel complex in Las Vegas, agreed to pay USD47.4 million to end a federal probe into the casino's suspicious cash flow. The company failed to alert authorities to suspicious deposits by a high-rolling gambler, according to federal officials.
Reports said that Sands accepted wire transfers and cashier's checks between 2005 and 2007 from Zhenli Ye Gon. According to the U.S. Attorney's Office in Los Angeles, the company should have reported the transactions as suspicious. The federal government agreed not to prosecute Sands if the company cooperates in the investigation. This, according to a letter obtained by Reuters from Assistant U.S. Attorney Kevin Rosenberg.
Ye Gon's residence in Mexico City was searched in March 2007 by law enforcement authorities. The search lead to a seizure of approximately USD207 million in, the largest seizure to date. Mexico charged Ye Gon with drug trafficking, and he is currently awaiting extradition.
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