Man Who Ran Betting Fund Denies Scamming Investors Out of $500,000

A man from Pennsylvania has denied his involvement in a sports betting fraud case, pleading not guilty to the allegations. The man, Elijah Goshert, allegedly used sports betting investors’ money for personal benefits.

For reference, Goshert, 47, is a former telecommunications worker who founded a sports betting fund called the Magellan Sports Fund. He claimed that his company uses a sophisticated computer algorithm to accurately determine the results of sporting events. Goshert also claimed that this allows him to place low-risk bets and multiply investors’ money.

The Magellan Sports Fund attracted a variety of investors who trusted the concept. According to the allegations, Goshert kept them engaged with fake updates and sent them falsified account statements every time they tried to withdraw cash.

While Goshert had promised investors that he would only make money if the algorithm made profitable bets, the plaintiffs claim that he instead used investors’ money for personal expenses. According to the suit, the 47-year-old used the proceeds of his alleged scheme to fund expensive Disney vacations, mortgage payments, private school tuition fees and.  

The Man Faces Harsh Penalties, if Convicted

Goshert ran the Magellan Sports Fund for roughly five years. Over the course of this period, the man allegedly defrauded 10 or more victims, causing them to lose over half a million dollars.

Goshert was indicted on November 15, 2023, on three counts of wire fraud, following an investigation by the FBI.

The Pennsylvanian, who pleaded not guilty to the allegations in the US District Court in St Louis, now faces up to 20 years in prison for each charge, if convicted. He also faces a fine of up to $250,000 for each wire fraud charge.

According to the official report, Assistant US Attorney Derek Wiseman is prosecuting the case.

In more positive news, a Pennsylvanian player just won a $1 million Mega Millions prize using Jackpocket. The player said that he would use the money to buy a nice engagement ring for his girlfriend.