Two Las Vegas Men Indicted for Alleged Multimillion-Dollar Sports Betting Scheme
Posted on: November 4, 2020, 12:09h.
Last updated on: November 4, 2020, 10:08h.
Two men in Las Vegas have been indicted on federal charges in Nevada for allegedly running a multimillion-dollar sports betting scheme and defrauding more than 600 investors.
A federal grand jury returned a 14-count indictment against John Frank Thomas III, 75, and Thomas Joseph Becker, 72, both of Las Vegas. Each is facing a count of conspiracy to commit wire fraud and 13 counts of wire fraud.
US Attorney Nicholas Trutanich of the District of Nevada alleges that the two men advertised their supposed sports betting expertise to potential investors and promised large returns. Thomas and Becker marketed the following entities: Sports Psychometrics, Vegas Basketball Club, Vegas Football Club, Einstein Sports Advisory, Quantum Sports Advisory, Wellington Sports Club, and Welscorp, Inc.
According to the DOJ, Thomas and Becker touted their “special insights” and strategies to generate, on average, a net return of between $40-80 per $100 wagered through their investment vehicles. Instead, the feds allege, the two were simply operating a Ponzi scheme.
Trutanich’s office says the alleged sports betting operation ran between September 2010 through August of 2019. Thomas and Becker were released last week on their own recognizance. They are due in Las Vegas District Court on January 4, 2021.
SEC Ignites Investigation
If the story sounds familiar, it’s because Casino.org first covered Thomas and Becker’s alleged wrongdoings in June.
Both men are facing a civil suit brought by the US Securities and Exchange Commission for posing as licensed investment brokers, and allegedly swindling $13.9 million worth of investor money to fund their own personal and business expenses. The SEC asserts that another $13.2 million was spent paying agents who brought in new investors.
The SEC and DOJ say little of the investors’ money was actually used to gamble on sports.
According to the DOJ, the statutory penalty per count for conspiracy to commit wire fraud and wire fraud is 20 years in prison, as well as a fine of either $250,000 or twice the gross gain or gross loss resulting from the offense.
Criminal Past
Thomas and Becker are no strangers to the US court system. The two Las Vegas men pleaded guilty in 1990 to running a $30 million scheme that involved buying and leasing copiers and printers to educational institutions. Becker was handed a seven-year prison term and Thomas 10 years behind bars.
In the ongoing SEC case, Thomas and Becker were seeking $12,345 and $7,361, respectively, in monthly living expenses from their frozen assets. The SEC objected.
“Investor funds should not be used to support Thomas and Becker’s extravagance while their defrauded investors may be struggling to pay their bills,” the SEC said in a court filing.
A judge later approved $5,000 each in monthly allocations, as their case continues to be delayed by COVID-19.
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Last Comments ( 7 )
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I am Thomas Becker's brother. My heart goes out to all those who were swindled by him and his long time partner in crime, John Thomas. If you google 'Rhino Copy fraud case', you'll discover that these two sociopaths have been at it for quite some time. He conned my parents over thirty years ago. I can't even begin to tell you how much money he stole from them. Even after serving seven and a half years in federal prison for fraud, he continued to steal from them. He even had the audacity to steal my father's identity and open up lines of credit. The only reason that they didn't report this to the authorities is that they didn't want to see him go back to prison. Why he isn't in prison with a twenty count federal indictment hanging over his head is mind-boggling.
Thomas Becker is my brother and I am not proud of that fact. He and John Thomas have been partners in crime for almost 40 years. They have both served federal prison time for their previous "business" endeavors; google Hire Golden for further information. It was also a 30 million dollar scam. Obviously, they haven't learned their lessons but sociopaths never do. Not only did he convince my parents to invest in Hire Golden but he also stole my father's identity and opened up numerous lines of credit after he got out of prison. When my parents started to receive communication from those creditors, he told them not to worry, he'd take care of it. He never did. The only reason my parents never reported this to authorities was that they didn't want to see him go back to prison. He has told me, my brothers and my cousin that we all would be rich by the end of the current year. This has been going on for the past thirty years. He even assured me that he would personally send me a check for 1 million dollars. For all those who've invested and lost thousands of dollars, my heart goes out to you. We all know the saying; "If it sounds too good to be true, it probably is". But when we are dealing with a skilled con-man, it's not so easy to say "no".
They got $7500 from me and $7500 from my friend
They owe me $75,000. I heard that there may be assets available which are being used to pay those who have been defrauded. How can I make a claim for what is owed to me.
If there is a class action lawsuit, how do I file? They got $10,000.00 from me.