Thursday, November 20, 2014

Wynn Resorts Being Investigated for Possible Money Laundering

Wynn Resorts is under investigation for potential money-laundering law violations, according to Dow Jones.

Quoting individuals familiar with the matter, DJ  reported that Manhattan and Las Vegas U.S. Attorney's offices are investigating the company in conjunction with the Internal Revenue Service and the Drug Enforcement Administration.

Lew Rockwell, in 2008, commented on money laundering charges:
Normal people like Philip Weiss are outraged and astounded to know that using your own cash, honestly gained and (dishonestly) taxed, can be a major-league federal felony. Spending $10,000 or more of your own cash without filling out a federal form is a crime. But get this: spending smaller amounts can be a crime too, if they add up to more than $10,000. We are told that this police-state measure is necessary to fight terrorism. But when the evil Reagan adminisration pushed all these laws through, the excuse was to fight the drug war. Of course, neither is true. Such surveillance is part of the federal effort to tax and control every dime you have and spend. Need I mention that only one public official, then and now, fights for our privacy and property rights in this area? Ron Paul battled Reagan, Bush I, Clinton I, and Bush II on the victimless crime of “money laundering.” As Ron says, freedom means governmental transparency and private opacity, not the reverse.


  1. Obama is delivering Republican bankroller, Sheldon Adelson, a gift in Amnesty (some "libertarians" actually support Amnesty) and taking out a rival to Adelson and a character who criticized him?

  2. Private Equity Firms Start ‘Fessing Up to Cheating

    As much as these revised filing show that the private equity firms are beginning to feel some discomfort from SEC and media pressure, let us not kid ourselves as to where we stand. Until the SEC cracks down on a firm for abuses, a high proportion of industry players will have succeeded in getting away with what amounts to embezzlement. So far, the SEC has fined firms only in what amount to penny-ante cases. But at least one of them appears to be based on an insider report that preceded the SEC’s new audit program. And the SEC would want to document a case very well before it went up against a large player. Under Mary Jo White’s financial firm friendly leadership, there is good reason to be skeptical that serious enforcement actions are forthcoming. But given the timetable for developing cases, and the seriousness of these abuses, it’s not out of the question that the SEC might crack down on some of the worst behavior at top firms to send a message.

    It’s important to understand that these revised filings don’t serve to get the private equity kingpings out of trouble. First, the revisions amount to an admission that the original reports were inaccurate. Second, and far more important, is that changing these reports does not do anything to remedy the underlying issue, that of misleading investors at the time the investments were made. Yet lawyers for the private equity firms try to pretend that telling investors now, after they are stuck in these funds, should be more than satisfactory. If you buy that, I have a bridge I’d like to sell you. From the Journal: