The former president of the MGM Grand casino has pleaded guilty to a federal charge for failing to file required reports of “suspicious transactions.”
Following an investigation into alleged violations of money laundering laws and the Bank Secrecy Act, the MGM Grand and The Cosmopolitan of Las Vegas casinos have entered into settlements that require them to pay a combined $7.45 million, undergo external review, and enhance their anti-money laundering compliance program.
Scott Sibella, 61, of Las Vegas, pleaded guilty to one count of failure to file reports of suspicious transactions. Sibella served as president of the MGM Grand from August 2017 until February 2019.
Investigators say during this time, he knew that a casino patron, Wayne Nix, ran and operated an illegal bookmaking business. Sibella allowed Nix to gamble at MGM Grand and affiliated properties with illicit proceeds generated from the illegal gambling business without notifying the casino’s compliance department.
Sibella also allegedly allowed Nix to receive complimentary benefits at the casino, including meals, room, board, and golf trips with senior executives and other high-net-worth customers.