Colbert mystery explained

The mystery around the dropped charges against former Cantor Gaming exec Mike Colbert has been explained; accused of activities associated with Pinnacle Sports, he apparently entered a guilty plea on a single felony conspiracy in September, and will be sentenced early in December.

Speculation ran wild earlier this week when word went out that charges of corruption, money laundering and criminal conspiracy against the executive, who was subsequently let go by Cantor, had been dropped. The fact that court documents were sealed only served to increase interest in the outcome.

The Las Vegas Review-Journal reported that Colbert was among 25 people named in an investigation carried out by New York enforcement agencies which resulted in a number of charges against Colbert, most of which were subsequently dismissed.

The charge to which Colbert pleaded guilty involved the use of runners placing bets with Vegas sportsbooks on behalf of New York based punters – an illegal practice known as “messenger betting”.

It is understood that investigations at federal level are still on-going, and there have been reports that Colbert is collaborating with investigators. The Wall Street Journal reports that federal investigations, along with a separate enquiry being conducted by the Nevada regulators, may include an examination of the activities of more senior executives at Cantor.

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