Las Vegas Man Sentenced for $7.4M Sports Betting Ponzi Scheme
A Las Vegas man, M.T., has been sentenced for orchestrating a fraudulent sports betting fund that was a Ponzi scheme. The case was prosecuted in Ohio, home to several of the victims.
Between 2015 and 2021, M.T. convinced 72 people to invest a total of $7.4 million in MoneyLine Analytics, a fund he claimed used savvy sports betting strategies for high returns. However, M.T. was a losing bettor who covered up losses by using new investors' funds to pay off earlier ones. This classic Ponzi scheme collapsed in 2021 when clients asked for withdrawals.
M.T. spent $2.7 million to pay off earlier investors and indulged in personal luxuries. One victim, a cancer patient, had to return to work after losing her retirement money. In total, M.T. was ordered to repay $4.7 million in restitution.
M.T. pleaded guilty to four counts of wire fraud and was sentenced to 65 months in prison. The scheme caused significant financial harm to its victims, with one cancer patient forced to re-enter the workforce due to her losses.
Read also:
- visionary women of WearCheck spearheading technological advancements and catalyzing transformations
- Recognition of Exceptional Patient Care: Top Staff Honored by Medical Center Board
- A continuous command instructing an entity to halts all actions, repeated numerous times.
- Oxidative Stress in Sperm Abnormalities: Impact of Reactive Oxygen Species (ROS) on Sperm Harm
