Casino mogul Sheldon Adelson spent an estimated $150 million last year in campaign contributions to help Mitt Romney and other Republicans around the country win elections. Now, in a new filing with the SEC, it turns out that's not all Adelson spent money on:
In its annual regulatory report, filed with the commission on Friday, the Sands reported that its audit committee and independent accountants had determined that “there were likely violations of the books and records and internal controls provisions” of the Foreign Corrupt Practices Act.
The disclosure comes amid an investigation by the Securities and Exchange Commission as well as the Department of Justice and the Federal Bureau of Investigation into the company’s business activities in China.
It is the company’s first public acknowledgment of possible wrongdoing. Ron Reese, a spokesman for the Sands, declined to comment further.
This is the first admission of possible guilt by Adelson's company in an investigation that goes back years. Adelson began a big push in China over a decade ago and that caught the eye of investigators.
But in 2010 something big happened. Steven C. Jacobs was fired from his job as President of the company's operations in Macau. He then filed a wrongful termination suit, which alleges he was pressured to engage in improper leverage against foreign officials. In the same suit Jacobs also alleges that the company turned a blind eye to China's organized crime.