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Las Vegas man indicted in Ponzi betting scheme out of Ohio

LAS VEGAS (AP) — A Las Vegas man is facing federal charges for allegedly bilking dozens of Ohio residents out of millions of dollars in a sports betting Ponzi scheme.

The U.S. Attorney’s Office in the Northern District of Ohio announced that 49-year-old Matthew Turnipseede was indicted Thursday on multiple counts of wire fraud and one count of mail fraud.

Turnipseede defrauded roughly 72 investors of over $8.5 million between 2015 and 2021, according to the indictment.

An investigation by FBI agents in Cleveland show he promised investments would follow a sophisticated algorithm to make sports wagers and rake in double-digit returns. He claimed his payment would just be a percentage of profits. Turnipseede is accused of going so far as to email victims fake financial statements showing gains.

Authorities say in reality Turnipseede was using investment dollars to keep up his businesses, pay earlier investors and fulfill personal expenses.

Online court records did not show an attorney listed for Turnipseede.