Long before he was President Donald Trump’s pick for Commerce secretary, billionaire financier Howard Lutnick got into the sports gambling business.
Lutnick wasn’t in it to make bets himself. He founded a Nevada company that allowed people to wager on their phones — a decade before mobile sports betting became a booming industry nationwide.
But the company, Cantor Gaming, repeatedly violated state and federal laws, authorities said. One top executive pleaded guilty to illegal gambling conspiracy. Federal law enforcement officials said the company ran its operation with “total disregard” for laws and regulations designed to prevent illegal gambling and money laundering. The company even partnered with a seedy illegal gambling ring called the “Jersey Boys” to minimize its exposure to big financial losses, according to a Justice Department settlement.
