Las Vegas' Fontainebleau facing scrutiny over financial dealings
Fontainebleau Las Vegas Under Scrutiny Over Anti-Money Laundering Concerns
The Fontainebleau Las Vegas resort, owned by Jeffrey Soffer and Koch Real Estate Investments, is currently under review for potential violations of anti-money laundering (AML) laws following an investigation by the Nevada Gaming Control Board (NGCB). The scrutiny arose during a licensing hearing for the resort's president, Maurice Wooden.
Disagreements over issuing credit at the casino triggered the AML inquiry, according to reports. During the hearing, Commissioner Rosa Solis-Rainey questioned Wooden about credit-related issues. He replied that he was unaware of any AML investigation specifically related to his tenure, emphasizing the importance of AML compliance at the resort.
Despite his response, the Nevada Gaming Commission granted Wooden a limited two-year license, instead of the unrestricted license originally recommended by the NGCB. Fontainebleau later described the matter as an "ongoing audit."
The investigation appears to focus on instances where credit may have been issued without proper approvals, potentially flouting state AML laws and federal Bank Secrecy Act regulations. According to Commissioner Kirk Hendrick, the board needs to review the matter before delving deeper into the issue.
A Fontainebleau executive, Stacy Michaels, revealed that five player accounts had been audited, with concerns raised about three of them. One of those players was reportedly Damien LeForbes, who was given a $2 million marker in January 2024, but there is no specific mention of LeForbes' involvement in the Fontainebleau Las Vegas AML investigation in the available reports.
LeForbes, an illegal bookmaker and former professional poker player, has previously surfaced in other AML investigations involving major Las Vegas casinos like MGM Resorts and Resorts World, tying him to ongoing scandals across the industry. For clarity, it is essential to note that there is no specific information available about LeForbes' involvement in the Fontainebleau Las Vegas AML investigation at this time. Keep an eye on updates from Nevada gaming regulators or news sources for further developments on the matter.
- The scrutiny over Fontainebleau Las Vegas' adherence to anti-money laundering laws has brought casino-culture, casino-games, and casino-personalities under renewed focus, with Damien LeForbes, an illegal bookmaker and former professional poker player, being linked to previous AML investigations at other major Las Vegas casinos.
- As the Fontainebleau Las Vegas resort faces potential violations of anti-money laundering laws and the ongoing review by the Nevada Gaming Control Board (NGCB), the extent of compliance in the Las Vegas casino-and-gambling scene is being questioned, shedding light on the crucial need for stricter AML policies and better oversight within gambling establishments.
