Two executives lose gaming licenses

Friday, April 30, 1999 | 10:16 a.m.

The Press of Atlantic City newspaper reported the Casino Control Commission voted 4-0 to yank the licenses of Louis Freedman and Ronald Citta. The CCC said they "structured" when each cashed $10,000 in chips from a former Taj customer who was staying at Caesars Atlantic City.

The Taj executives were trying to recruit the high roller, Stanley Nieberg, back to the Taj.

Federal law requires casinos to file a currency transaction report for any currency exchange, including gaming chips, of more than $10,000. Structuring such transactions for the purpose of avoiding reporting requirements is a crime.

The Press reported Guy Michael, attorney for Freedman and Citta, said his clients broke no laws. He said they cooperated with Caesars officials during the transaction and never tried to hide their actions or intent.

"They were not trying to launder money. There was nothing nefarious. They were trying to cash chips for a player," Michael argued, the Press reported.

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