Two Men Accused Of Ripping Off Sports Bettors In Scheme

SEC Says The Two Raised Close To $30M

Mitch Kelly
September 05, 2019 - 8:03 am

Ethan Miller/Getty Images

Categories: 

LAS VEGAS, NV (KXNT)- Two Henderson men are accused of running a sports betting scheme that the Securities and Exchange Commission say defrauded investors of millions of dollars.

The SEC has filed a criminal complaint, saying that 74 year-old John Thomas and 72 year-old Thomas Becker raised close to $30 million from over 600 investors worldwide, with promises to make those investors big bucks through sports wagering.

Instead, however, the SEC says that while some of the money was actually bet on sporting events, a much larger amount was used by the two men for their own personal use, as well as paying off money to earlier investors in a Ponzi- scheme type of crime.

Both Thomas and Becker spent time in jail back in the 1990s for selling copier machines that didn't exist.