Former Sparks Nugget Casino Management Fined $1 Million for Money Laundering

This story was published more than 6 years ago.

Today it was revealed that Sparks Nugget Inc. has been fined $1 million by the Financial Crimes Enforcement Network pertaining to their former ownership of the Sparks Nugget Casino for what is being called "egregiously and willfully" allowing money laundering at the casino.

The fine comes after an investigation that found the former owners of the casino allowed money laundering as they did not keep records, did not have a plan to combat money laundering, and did not report suspicious activity to law enforcement. The Bank Secrecy Act requires casinos, banks, and other institutions to report suspicious activity. The lack of money laundering controls was discovered after court documents were filed related to an ownership dispute from 2013.

The casino's previous owners, the Ascuga family, issued a statement on the ruling, noting: "As members of the Northern Nevada business community for over 60 years, we have always strived to operate with integrity and decency. That being said, we understand the seriousness of the FinCEN assessment and are satisfied that this matter has been resolved."

Regulators in the United States have taken money-laundering infractions very seriously, with Las Vegas Sands settling a money laundering case with the Department of Justice for a hefty $47 million fine for its Las Vegas casino.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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11 April 2016 - 9:40pm

It's really a huge fine or at least I thought that way at first, but after read it the article till the end I think it's probably a deserved penalty for the ignorance and the dissenters of that money laundering activity for the casino owners.