Saturday, November 6, 2010

Big winner at Caesars loses at the border

Fri Nov 5, 3:22 PM

By Trevor Wilhelm

WINDSOR, Ont. ­ A Caesars Windsor gambler lost $20,000 to the U.S. government after border guards called his bluff.
After a man from Birmingham, Mich., won $40,000 at Caesars Monday, he put half in deposit at the casino and tried to bring almost $20,000 back to Michigan without declaring it, according to U.S. officials.
"If he'd showed up at the border and said I've got $20,000 with me, we would have counted it, filled out the form and he would have been on his way home with his money."
Failing to declare the cash isn't a criminal offence, so the man's name hasn't been released.
For Canadian gamblers or others crossing the border with a lot of cash, the rules at the border are similar. There is no restriction on the amount of money you can bring to or take out of Canada, but you must report amounts of $10,000 or more. That includes cash, coins, bank notes and securities such as travellers cheques, stocks and bonds.  LINK...