August 25, 2021
A Nevada federal judge handed the U.S. Securities and Exchange Commission a quick win Tuesday in its suit over an alleged $30 million sports-betting Ponzi scheme, ordering two men to forfeit nearly $1 million in ill-gotten gains and pony up fines for acting as unregistered investment agents.
June 15, 2020
Two men accused by the U.S. Securities and Exchange Commission of running a nearly $30 million sports betting fraud scheme have each been allowed to access $5,000 per month in otherwise frozen funds, but the scheme's victims will have a chance to oppose any additional fund requests.
March 18, 2020
The U.S. Securities and Exchange Commission told a Nevada federal court Tuesday that victims of a $30 million sports betting fraud scheme are stepping on its toes by asking to join the case to ensure the alleged perpetrators can't access their ill-gotten gains.
November 20, 2019
The U.S. Securities and Exchange Commission has told a Nevada federal court that investment contracts two felons issued when soliciting funds for an alleged $30 million sports betting scheme are considered securities, urging the court not to dismiss claims that the felons stole the collected funds for their own use.
November 06, 2019
A pair of felons accused by the U.S. Securities and Exchange Commission of taking funds from a $30 million sports betting operation for their own use are asking a Nevada federal court to toss the complaint, saying their wagering operation has nothing to do with securities.
November 05, 2019
The U.S. Securities and Exchange Commission is asking a Nevada federal court to hand down a default judgment against a broker and a financial services company, saying they've failed to respond to a complaint alleging they were part of a $30 million sports betting scheme.
September 20, 2019
Two men accused by the U.S. Securities and Exchange Commission of running a fraudulent $29.5 million sports betting investment scheme said Thursday that the agency can't lump their gambling model in with the securities that it regulates.
September 03, 2019
Two felons falsely promised "extraordinary returns" on sports betting investments, convincing more than 600 investors to pour about $29.5 million into the pair's operation, the U.S. Securities and Exchange Commission claimed Friday in Nevada federal court.