Las Vegas Sands (LVS) Settles Money Laundering Case with U.S.
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Las Vegas Sands (NYSE: LVS) and the U.S. Department of Justice have come to a settlement over a money-laundering investigation.
Under terms of the agreement, Sands will pay $47 million and accept the DoJ's assertion that it failed to report suspicious financial activity from one of its customers. The fine was tied to gains Sands' made from its biggest client ever, who later turned out to be a drug kingpin. Officials said that Sands should have reported wire transfers of around $45 million and cashier's checks amounting to about $13 million, which were made between 2006 and 2007.
The accused was Zhenli Ye Gon, a Chinese nationals with a Mexican pharmaceutical factory. Though accusations of drug trafficking were dismissed in the U.S., prosecutors in Mexico have taken up the case.
Sands shares are flat in early trading.
Under terms of the agreement, Sands will pay $47 million and accept the DoJ's assertion that it failed to report suspicious financial activity from one of its customers. The fine was tied to gains Sands' made from its biggest client ever, who later turned out to be a drug kingpin. Officials said that Sands should have reported wire transfers of around $45 million and cashier's checks amounting to about $13 million, which were made between 2006 and 2007.
The accused was Zhenli Ye Gon, a Chinese nationals with a Mexican pharmaceutical factory. Though accusations of drug trafficking were dismissed in the U.S., prosecutors in Mexico have taken up the case.
Sands shares are flat in early trading.
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