(Bloomberg) -- A former official at CG Technology LP, formerly known as Cantor Gambling, pleaded guilty to taking part in an illegal gambling business.
Michael Colbert faces as long as five years in prison, Brooklyn U.S. Attorney Robert Capers said.
Cantor Fitzgerald LP, a bond-trading firm, got involved in gaming through a plan to apply Wall Street technology to transform the sports-betting business. The business, then called Cantor Gaming, expanded with deals to handle the sports book at many of the casinos on the Las Vegas strip. Cantor distanced itself from gambling in 2014, changing the unit's name and putting out a statement saying it owned no equity in the business.
To contact the reporter on this story: Patricia Hurtado in Federal Court in Manhattan at pathurtado@bloomberg.net. To contact the editors responsible for this story: Joe Schneider at jschneider5@bloomberg.net.
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