Two men in Las Vegas are facing federal charges after being accused of running a multimillion-dollar sports betting pyramid scheme that defrauded more than 600 investors.
John Frank Thomas III, 75 years old, who uses other aliases, and Thomas Joseph Becker, 72 years old, are each charged with one count of conspiracy to commit wire fraud and 13 counts of wire fraud. Thomas and Becker induced more than 600 individuals to deposit money From less than $10,000 to over $500,000 into their purported investment funds, for a total of at least $29 million.
Thomas and Becker maintained and advertised to investors as supposed investment funds the following entities: Sports Psychometrics; Vegas Basketball Club; Vegas Football Club; Einstein Sports Advisory; Quantum Sports Advisory; Wellington Sports Club; and Welscorp, Inc.
The U.S. Attorney’s Office said the two men made false representations to investors that they would use their sports betting skills and strategy to make sports bets with investors’ money.
They even said their “special insights” could generate profits of 140% to 180% on $100 bets. It’s alleged the men also misrepresented to investors that their accounts were multiplying when no betting had even occurred. Investors were also unable to cash out any investments.
The two men are set to go to trial on Jan. 2, 2021. If convicted, both men could face at least 20 years in prison as well as a $250,000 fine.
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