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Federal charges against 2 Nevada men in $29M sports betting scheme

Posted at 11:50 PM, Sep 04, 2019
and last updated 2019-09-05 02:51:17-04

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.

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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.

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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.