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Scott Sibella, former president of the MGM Grand, has been sentenced to probation. Sibella allowed Wayne Nix, an illegal bookmaker, to place bets. Nix was allowed to place bets at MGM Grand with Sibella’s knowledge, and Sibella did not report the activity.
Sibella wasn’t directly involved with Nix’s betting, but he knew of it. MGM Grand collected more than $4 million from Nix’s betting.
Sibella Fined and Sentenced To Probation
Sibella’s sentence was handed out: one year of probation and a fine of $9,500 plus a $100 special assessment, according to CNBC’s reporting. Sibella released a statement in response to the sentencing, saying:
“I’m relieved to have this matter concluded and accept the terms imposed today by the court. “As I have said throughout this investigation, I regret the pain this has caused my friends and family and am extremely grateful for those who chose to stand with me throughout these difficult times. The decision to plead to the single charge, for failing to file a suspicious activity report (SAR) at MGM Resorts in 2017, was not easily arrived at given the underlying facts and realities in this matter. I was charged from the very beginning for not filing a SAR, accepted a plea, and have taken full and complete responsibility for what I did.”
Is the Industry Handling Scandals the Right Way?
Sibella seems repentant and apologetic in his statements following the sentencing, which is undeniably a good thing. He has taken responsibility for his illicit actions and pled guilty.
That, certainly, sets a good example. However, the fine and probation seem akin to a slap on the wrist. Sibella’s net worth is estimated to be about $50 million. His total fines — $9,600 — constitute 0.0192% of his estimated worth.
Again, Sibella’s involvement was indirect, and he cooperated and admitted guilt every step of the way. So I’m not saying he deserves a severe punishment. But what kind of message does this punishment send to millionaires involved with illicit betting activity? Food for thought.
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