The Department of Justice has reported that Scott Sibella pleaded guilty to failing to file reports of suspicious transactions when he was working in his role as CEO of MGM Grand for MGM Resorts.
His exit from the US casino giant was met with surprise when it was announced at the end of last year, after it was cited that he had violated company policy.
According to his plea agreement, Sibella allowed a customer to continue to gamble large amounts of money at MGM properties despite having knowledge he was working as an illegal bookie.
The player, named Wayne Nix, was also reportedly provided with lavish hotel stays and casino weekends hosted by Sibella from August 2017 to February 2019.
It’s a case that largely centres around the 2019 Super Bowl, which saw Nix accept a $5 million bet on the Super Bowl – something Sibella was fully aware of.
The sentencing for Sibella could be significant as he faces up to five years in prison followed by five years of probation. He will also pay a fine of $250,000.
The Cosmopolitan and the MGM Grand have also agreed to pay an additional $7.45 million for their part in the transgression.
First Assistant United States Attorney Joseph McNally, commented: “Financial institutions have a duty under the law to report criminal or suspicious activity occurring at the institution though SARs.
“Our office will aggressively prosecute corporate executives and employees who turn a blind eye to criminal actors depositing illegal funds at casinos and financial institutions.”
