Federal authorities raid California hotel and casino in money laundering probe

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U.S. agents have raided the Bicycle Hotel and Casino in Bell Gardens, California, seizing financial records as part of a money laundering investigation.

According to the Los Angeles Times, the probe will focus on whether individuals used the club to launder funds by placing bets with dirty money before exchanging their chips for clean cash.

Tuesday was not the first time that law enforcement efforts had focused on the casino.

In 1990, the Drug Enforcement Administration and the IRS seized control after authorities discovered laundered drug money had been used to finance the casino’s construction. A jury found that $12 million of the $22 million total had come from Florida drug smugglers. In 1991, the federal government took over part ownership of the casino, eventually selling its share to a British gaming company.

Read more here: latimes.com


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