Cantor Gaming Reaches Settlement Agreement with Nevada Regulators

Reports surfaced on Tuesday regarding a $2 million settlement between Cantor Gaming and Nevada regulators related to 2012 sports betting issues and the federal prosecution of former senior Cantor executive Michael Colbert. Colbert was among 25 defendants charged with illegal gambling involving Pinnacle Sports. Cantor announced a rebranding as CG Technology believed to be a decision driven by the desire to separate the company from the gaming violations. The Board determined that Cantor/CG senior executives should have recognized the "messenger bettor" activity involving Colbert and taken action. CG Technology issued a press release on Monday regarding a settlement with the Nevada Gaming Control Board which said: "CG Technology, formerly Cantor Gaming, has reached a tentative agreement with the Nevada Gaming Control Board for a monetary amount to be paid in full settlement of the regulatory complaint the Board filed today. "Matters in the complaint stem from the illegal activity of a former employee, Michael Colbert, who pled guilty to federal charges following his arrest fifteen months ago. "CG Technology expects to finalize this matter with the Board soon." Hannah Sloane of CG Technology said: “The company conducted its own extensive internal analysis of Mr. Colbert's actions and of the company's systems, operations, and procedures, and has implemented additional industry-leading compliance processes.”