CLEVELAND, Ohio— A Las Vegas man is accused of bilking investors of his sports-betting operation out of more than $8 million by orchestrating a Ponzi scheme, according to federal prosecutors.
Matthew Turnipseede ran a betting company called MoneyLine Analytics and stole $8.5 million from 72 investors, according to the indictment filed in federal court in Cleveland.
Turnipseede is charged with mail fraud and wire fraud. Court records do not list an attorney for Turnipseede, and an arraignment date has not yet been set. The case is assigned to U.S. District Judge Christopher Boyko.
Several of those who invested in Turnipseede’s enterprise hailed from Ohio, including at least at least one from Northeast Ohio, according to court records.
He used investors’ money to fund trips to Disneyland and Hawaii, to pay for leases on multiple cars, for spa trips and country club membership dues, according to the indictment.
Turnipseede schmoozed investors at country clubs and high-end restaurants and gained other clients through mutual friends or family members, according to the indictment and filings in bankruptcy court in Nevada.
He promised high returns on investments, sometimes as much as 35%, court records say. He told investors he came up with a fool-proof betting system that included lots of small bets, according to the indictment. That system meant more money when a favored team won, and minimized losses when he bet against the spread and lost, according to filings in…
