Posted on: August 11, 2022, 11:42h.
Last updated on: August 12, 2022, 02:20h.
Matthew J. Turnipseede, 49, of Las Vegas, Nev., was indicted Thursday for defrauding 72 investors out of more than $8.5 million.
Turnipseede promised investors double-digit profits via sports wagering, the US Justice Department’s Northern District of Ohio Division alleges. He was charged with 12 counts of wire fraud and one count of mail fraud.
From March 2015 to May 2021, according to Turnipseede’s indictment, he induced victims to invest in companies he owned by claiming they placed sophisticated sports wagers according to an algorithm that generated double-digit returns. The names of these companies included Edgewize LLC, Moneyline Analytics, and Moneyline Analytics Dublin Branch.
Ponzi schemes are similarly fraudulent businesses that lead victims to believe their profits are derived from legitimate business activity. Instead, they rely solely on new investor funds.
Algorithm and Blues
Of course, none of Turnipseede’s companies ever generated double-digit profits. Instead, they…
