Yahoo Finance Ex-MGM Grand president faces sentencing for not reporting multimillion-dollar wagers by fraudulent bookie
May 8 (UPI) -- The ex-president of Las Vegas-based MGM Grand casinos on Wednesday was set to be sentenced in a federal court on criminal charges for not reporting millions of dollars in wagers by a fraudulent bookie.
Scott Sibella -- the MGM Grand's president from August 2017 to February 2019 -- allegedly knew that Wayne Nix "ran and operated an illegal bookmaking business."
He faces a maximum penalty of five years in prison and a $250,000 fine. His lawyers are asking for probation.
Nevada's Gaming Control Board had filed a three-count complaint against Sibella that could result in his gaming license getting suspended or revoked, and a fine of up to $750,000 in what is becoming a wider scandal.
Sibella in January had pleaded guilty to federal criminal charges before District Judge Dolly Gee for failing to file reports of suspicious transactions that casinos are required to make pursuant to the 1970 Bank Secrecy Act.
A combined $7.45 million settlement agreement had been reached.
"Despite this knowledge, Sibella allowed Nix to gamble at MGM Grand and affiliated properties with illicit proceeds generated from the illegal gambling business without notifying the casino's compliance department," the Justice Department had said in a January release.
The court documents allege that Sibella, on or about July 27, 2018, "together with others, did willfully fail to file, and willfully caused MGM Grand Las Vegas to fail to file, with the United States Department of the Treasury, a report of a suspicious transaction relevant to possible violations of law and regulation."
The MGM Grand Hotel opened in December 1973.
