Wynn Forfeits $130M in DOJ Settlement over Illegal Activities
The U.S. Department of Justice (DoJ) has announced that Wynn Resorts, the casino and gaming operator, has agreed to forfeit the sum of $130.1 million in a deal to resolve an investigation into criminal activity at the casino by the DoJ.
Wynn Resorts Admits Illegal Money Transfers in $130M DoJ settlement
LISTEN TO THIS ARTICLE:This payment relates to a probe into illegal money transfer activity at the Wynn Las Vegas casino launched by the DoJ 10 years ago in 2014.
The Statement for the DoJ said the payment was part of a Non-Prosecution Agreement, and as part of the deal the company avoided prosecution for meeting terms set out by the regulatory authorities. Additionally, Wynn Las Vegas admitted to using illegally unregistered money as part of their business activities.
Casinos, like all businesses, will be held to account when they allow customers to evade U.S. laws for the sake of profit, Federal oversight seeks to prevent illegal funds from tainting legitimate businesses, ensuring that casinos offer a clean, thriving, and safe entertainment option,
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Sep 18, 2024Wynn Resorts State Change in Procedures
Wynn Resorts said that the money forfeited in the agreement had come from payments that were made relating to the illegal transfer activities that the DoJ had been investigating.
Senior management at Wynn Resorts was quick to highlight that personnel involved in the previous illegal activity were no longer part of the business and the company had changed its compliance framework and procedures to ensure this behavior could not happen in the future.
Several former employees facilitated the use of unlicensed money transmitting businesses, which both violated our internal policies and the law and for which we take responsibility,
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