Gamblers play slot machines at a casino. (Photo by William Thomas Cain/Getty Images)
KANSAS CITY, Mo. (AP) ? A professional gambler from New Jersey has been charged with cashing out his winnings in small chunks to avoid reporting requirements.
The Kansas City Star reports that 52-year-old Richard Dougherty won nearly $700,000 over 13 months from the Ameristar Casino in Kansas City. Dougherty was arrested there Thursday and appeared Friday in federal court in Kansas City.
Federal law requires casinos to file reports each time a gambler cashes in or out $10,000 or more. Structuring financial transactions so the casino fails to file the required report is illegal.
The Tom Hyland Card Counting team member has been released on bond. No attorney is listed for Dougherty in online court records.
If convicted, Dougherty faces up to 10 years in prison and a fine of up to $500,000.
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(Copyright 2012 by The Associated Press. All Rights Reserved.)
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