Fraud and money laundering charges filed in sports betting scheme
HOLY CRAP!!!
Federal fraud and money laundering charges were filed Wednesday in Las Vegas against a man who is accused of using a sports betting scheme to steal nearly $1 million from investors.
According to a statement released by Nevada's U.S attorney, Daniel Bogden, an arrest warrant has been issued for Yul Na.
An indictment charges Na with 30 counts of wire fraud and 29 counts of money laundering.
The indictment claims the defendant began marketing an investment opportunity early this year that involved the technique of "sports arbitrage" for placing and accepting sports wagers. Na claimed that investors would not lose money if they invested in this technique, which involved betting on both sides of the same event.
According to the statement from the U.S. attorney's office, Na told investors he held an exclusive and binding agreement with Mandalay Bay to accept large lay-off wagers -- a wager made by one bookmaker with another to help balance bets and reduce risk -- from its sports book at a discounted rate of 18 percent.
He also told investors that he had contracted with an off-shore sports book to bet the other side of the same events for which he had accepted wagers from Mandalay Bay.
Authorities claim that Na knew his representations to investors were false and part of a scheme to defraud them of their money. Specifically, Na knew he did not have an exclusive agreement with Mandalay Bay to accept lay-off wagers at a discounted rate of 18 percent, authorities allege.
According to the statement from the U.S. attorney's office, investors wire transferred more than $962,000 to Na.
"Na subsequently withdrew the funds and used them to gamble at Mandalay Bay instead of using them for the sports betting investment program," according to the statement
Federal fraud and money laundering charges were filed Wednesday in Las Vegas against a man who is accused of using a sports betting scheme to steal nearly $1 million from investors.
According to a statement released by Nevada's U.S attorney, Daniel Bogden, an arrest warrant has been issued for Yul Na.
An indictment charges Na with 30 counts of wire fraud and 29 counts of money laundering.
The indictment claims the defendant began marketing an investment opportunity early this year that involved the technique of "sports arbitrage" for placing and accepting sports wagers. Na claimed that investors would not lose money if they invested in this technique, which involved betting on both sides of the same event.
According to the statement from the U.S. attorney's office, Na told investors he held an exclusive and binding agreement with Mandalay Bay to accept large lay-off wagers -- a wager made by one bookmaker with another to help balance bets and reduce risk -- from its sports book at a discounted rate of 18 percent.
He also told investors that he had contracted with an off-shore sports book to bet the other side of the same events for which he had accepted wagers from Mandalay Bay.
Authorities claim that Na knew his representations to investors were false and part of a scheme to defraud them of their money. Specifically, Na knew he did not have an exclusive agreement with Mandalay Bay to accept lay-off wagers at a discounted rate of 18 percent, authorities allege.
According to the statement from the U.S. attorney's office, investors wire transferred more than $962,000 to Na.
"Na subsequently withdrew the funds and used them to gamble at Mandalay Bay instead of using them for the sports betting investment program," according to the statement
Degenerate gamblers and their get rich quick dreams are more gullible than little old ladies at the mechanics shop 
