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As first reported on Gambling911.com Twitter Wednesday afternoon, there has been a series of arrests made in New York City and across the US related to sports betting and one of the individuals charged is none other than Mike Colbert, Sports Director for Cantor Gaming and Manager of M Resorts Race and Sports Book.
The charges involve PinnacleSports.com, which is one of the largest online betting sites. PinnacleSports had publicly left the US market in early 2007 following passage of the Unlawful Internet Enforcement Act (UIGEA) though Wednesday's arrests seem to suggest the company was still running a credit operation in the States.
Gambling911.com is learning that some 40 arrests have been made in various cities across the US, most of whom are believed to be working as agents for PinnacleSports.com.
Colbert, 32, faces eight counts of conspiracy, money laundering and enterprise corruption. He was booked into the Clark County Detention Center on a fugitive charge at approximately 6 am local time. Seven others were arrested in Las Vegas but only Colbert had ties to the Nevada gaming industry.
The charges are unrelated to Cantor Gaming, which is owned by Penn National, a company that has spent millions to prevent casino gambling expansion in the state of Maryland ahead of an Election Day ballot. Cantor has been active in trying to get online poker legalized in the state of California.
New York prosectors were expected to hold a press conference on Thursday.
This story is developing…
