Vegas Man Gets 5+ Years for $7M Ponzi Betting Scam

A Las Vegas man is heading to federal prison for more than five years after orchestrating a fraudulent sports betting fund that turned out to be a massive Ponzi scheme.

72 People Invested $7.4M in the Ponzi Scheme

M.T., 51, ran a company called MoneyLine Analytics, which he claimed used savvy sports betting strategies to generate high returns for investors. 

Between 2015 and 2021, he convinced 72 people, many of whom trusted him with their life savings, to pour a total of $7.4 million into the fund. 

According to Cleveland.com, one victim, a cancer patient, had to return to work after losing her retirement money.

T. sold the illusion of a winning system, telling clients he would place a high volume of small, strategic bets across baseball, football, basketball, and European soccer. 

In reality, he was a bettor who lost heavily and covered up those losses by using new investors’ funds to pay off earlier ones.

He Pleaded Guilty

The man pleaded guilty in November 2024 to four counts of wire fraud. At his sentencing this week, T. apologized to the court and to the people he defrauded, pleading for leniency on the grounds that his wife and teenage children depend on him.

His attorney, Russell March, described T. as a “dedicated family man” who never meant to deceive anyone. 

March argued that his client truly believed he could turn a profit through betting, but instead fell into a cycle of losses and desperate decisions.

“This was not a case where he was living the high life,” March told the court. “At its heart, it was a gambling venture and more akin to problem gambling. The more he lost, the more bets he made.”, the attorney added. 

However, not everyone was ready to forgive. Victim J.N. didn’t hold back: “He did this so effortlessly,” she said. 

“Without meaningful consequences, he’s not going to change. It’s who he is.” The woman further explained that the scam left her emotionally shattered and uncertain if she could trust again.

T. used roughly $2.7 million to pay off earlier investors, but also spent money on personal luxuries like leased cars, spa visits, Disneyland trips, and Hawaiian vacations. He even fabricated documents to make it look like investors’ portfolios were growing.

When some clients began asking for withdrawals in 2021, the entire operation crumbled. T. filed for bankruptcy shortly after.

In addition to his 65-month sentence, U.S. District Judge Christopher Boyko ordered him to repay $4.7 million in restitution. The case was prosecuted in Ohio, home to several of the victims.