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Las Vegas Sands Target of Federal Probe: Report

NEW YORK ( TheStreet) -- The U.S. attorney's office in Los Angeles is investigating whether Las Vegas Sands (LVS - Get Report) violated money-laundering laws by not reporting money transfers to its casinos from two big gamblers, according to a published media report.

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The report, which was published on The Wall Street Journal's Web site, cited anonymous lawyers and other people involved in the matter.

The money transfers being probed were made several years ago by a Mexican businessman who was later accused of drug trafficking and a former California retail executive who was later convicted of receiving kickbacks, the report said.

Ron Reese, a representative of Las Vegas Sands, said the company is cooperating with a federal investigation into the company's handling of money from specific gamblers, the Journal added.

"The company believes it has acted properly and has not committed any wrongdoing," he said, according to the report.

The investigation reflects growing concern among Justice Department and Treasury officials that casinos might be used for money laundering, the newspaper said.

There is no sign that investigators are looking into actions by Sheldon Adelson, Las Vegas Sands' CEO, the report said.

Adelson is a large donor to a super PAC that supports Republican presidential candidate Mitt Romney.

Las Vegas Sands' shares closed Friday at $38.75, up $1.84, or 5.0%.

This article was written by a staff member of TheStreet.

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