SEC Subpoenas Las Vegas Sands

Published by: Mike Goldman on 2nd Mar 2011 | View all blogs by Mike Goldman

SEC Subpoenas Las Vegas Sands

The Las Vegas Sands Corporation said Wednesday it has received a subpoena from the US Securities and Exchange Commission and is currently under investigation by the Department of Justice over allegations made by a former executive.

The casino operator said in a regulatory filing that it had received the subpoena on February 9th asking for documents related to the casino's compliance with the Foreign Corrupt Practices Act. The company believes the subpoena stems from allegations made by former Sands China CEO Steve Jacobs in a lawsuit filed last fall.

Sands officials say the casino operator will fully cooperate with the investigation, but vehemently denies Jacobs' claims. Jacobs has accused the casino operator of breach of contract among other charges and is seeking unspecified damages in the lawsuit he filed in October.

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