LAS VEGAS (KTNV) — Two Nevada men face federal charges in an alleged sports betting investment scheme.
U.S. Securities and Exchange Commission filed the charges on Wednesday.
Officials say 74-year-old John Thomas and 72-year-old Thomas Becker told investors it was a low-risk way to triple your funds in less than 6 months.
They allegedly got $29 million overall.
The feds say the two men used the money on lavish trips and personal expenses.
They both pleaded guilty to conspiracy of running a pyramid scheme in 1991.