ST. PAUL, Minn. -- Banker Deil O. Gustafson, former part-owner of Las Vegas' Tropicana Casino and Hotel, pleaded guilty Wednesday to charges of stemming from an alleged $4 million check floating scheme.
Gustafson agreed to become a witness in further trials stemming from investigation of check floating between Nevada banks and the several 'Summit' banks he owns in Minnesota.
Gustafson has agreed to be debriefed by the FBI and other investigative agencies, to take a lie detector tests and to testify before grand juries as the government requests. In return, the government promised him judicial immunity for any further violations they might uncover in the case.
For his cooperation, Gustafson will be given protection by the U.S. Marshal Service.
St. Paul banker Ralph Bruins, Las Vegas show producer Joseph Agosto and Gustafson were convicted in January on a total of 53 charges of fraud and misappropriation of funds. They were accused of floating checks from 1976 to 1978 to keep the Tropicana in business. Gustafson is appealing that conviction.
Gustafson entered a guilty plea Wednesday to one count of failing to file a currency transaction report for two cashier's checks totaling $55,000 at the Summit State Bank of South St. Paul. The charge, a felony, carries a maximum three-year sentence or a $10,000 fine.
