Cantor and regulators reach tentative settlement

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Updated: 1/07 12:07 pm

LAS VEGAS (AP) — CG Technology, formerly Cantor Gaming, has reached a tentative settlement with state gambling regulators over a complaint filed Monday.

The 18-count complaint alleges that the company failed to adequately supervise its former sports book director, who was involved in a nationwide illegal sports betting ring.

Michael Colbert, formerly vice president of race and sports risk management, was arrested in 2012 and pleaded guilty to participating in a sports betting conspiracy.

The Nevada Gaming Control Board says the company's lack of supervision over Colbert violated state gambling regulations.

CG technology says it has improved its compliance processes in the wake of Colbert's departure.

Neither the company nor the regulators would immediately disclose the terms of the settlement.

CG Technology announced on Monday that it was changing its name from Cantor Gaming.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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