Former Cantor Gaming executive pleads not guilty in court

A lawyer for a former Cantor Gaming executive charged with four felonies in connection with an illegal bookmaking ring said Thursday his client pleaded not guilty at his initial court appearance last week in New York.

Michael Cristalli, a Las Vegas lawyer, expected to reach a favorable resolution of the charges against his client, Michael Colbert, that "will allow him to go ahead and resume a career that he worked so hard to build over the years."

Colbert was arraigned Nov. 29 in a New York courtroom and was released in $25,000 bail.

His next court hearing is scheduled for the end of January, Cristalli said.

Colbert was arrested with seven other people in Southern Nevada on Oct. 24 on warrants stemming from an 18-month investigation into illegal bookmaking and money laundering. He is charged with enterprise corruption, conspiracy to operate an illegal gaming enterprise and three counts of money laundering.