How do you launder money by gambling in a casino?
Granted I am no financial whiz, to say the least.
All the casinos give you cards with magnetic strip that you stick in the machine while you’re playing.
You bring in cash and play the machines and your winnings are recorded on the card. When you leave you bring the card to the cashier and they pay you and issue a 1099 for anything over $600.
Casinos report winnings not losses. You bring in $100,000 in dirty money and win $70,000 of it back. The casino reports it to the IRS. Now you have $70,000 in clean money.
Laundering started with coin operated washing machines. The mafia simply claimed that they got all their earnings from people putting coins in there. No one can verify it.
Imagine how much more false earnings can be claimed then with coin operated Poker! All he had to do was take millions of cash from the mafia casino, play it and boom, Casino off book drug money can be explained with real gambling earnings.
In exchange he got to keep the game earnings on the way by the sheer odds.
He was an IRS guy and that makes it all the more compelling because he would know exactly how to pull it off and explain it or consult with the mafia on this. Political contributions by the mafia might also have contributed to blocking any inquiry in the practice.
Indian Casinos are also a corrupt democrat cash cow where the beneficiary Indians are kicked out of the tribe to keep the earnings to politico types, as in a major Clinton style foundation laundering op through Haiti non profits