Sheldon Adelson's Woes Mount With Grand Jury In Las Vegas Sands Money-Laundering Probe [View all]
Source: Huffington Post
The legal headaches besetting billionaire Sheldon Adelson’s Las Vegas Sands Corp. now include a grand jury in Los Angeles, part of a federal money-laundering probe of his Nevada-based casinos, The Huffington Post has learned.
The involvement of a federal grand jury, not previously reported, suggests an escalation of the money-laundering investigation into Sands and one of its executives, being led by the U.S. attorney for Los Angeles, according to a person with direct knowledge of the inquiry. The person requested anonymity because he wasn’t authorized to discuss the grand jury’s work, which is not public.
Investigators are probing whether Sands broke money-laundering laws by failing to report millions in potentially questionable transfers of money several years ago by two-high rollers at its casinos. Both men have separately been charged with other crimes and one has since been sentenced to jail for accepting illegal kickbacks.
Grand juries are often used by federal prosecutors for obtaining testimony from witnesses or targets, and issuing subpoenas for documents, said lawyers specializing in white collar investigations. "You typically go to a grand jury when you’re ready for indictment, or as a strong-arm tactic" to reach a settlement, said a former federal prosecutor.
Read more: http://www.huffingtonpost.com/2013/06/05/sheldon-adelson-grand-jury-money-laundering_n_3381628.html
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