$7M Sports Betting Software Scheme Leads to Likely Prison Sentence for Alleged Utah Fraudster

in People

A Utah man has pleaded guilty to taking part in an allegedly fraudulent multi-million-dollar athletic wagering software plot via a business identified as Sindakit Software LLC. He now faces a 10-year sentence in prison.

Christopher D. Hales, age 39, of Lehi, entered the plea last week in Utah federal court to wire fraud conspiracy and money laundering conspiracy charges. The illicit plan led “investors” to lose at least $7 million, prosecutors revealed.

The investors were promised their money would be turned into winning wagers by using the firm’s software. But the allegedly fraudulent enterprise did not have a proprietary sports betting software or even an algorithm, prosecutors said.

Hales allegedly cooked up the plot with an unnamed co-conspirator in 2018 when Hales was in a halfway house for a sentence from an earlier fraud case, according to a statement from Utah US Attorney John W. Huber.

Continue Reading on Casino Org