$29.5 Million Sports Betting Scheme Unraveled by SEC

On August 30, 2019, the Securities and Exchange Commission (SEC) filed a complaint in the U.S. District Court of Nevada against John Thomas, 74, and Thomas Becker, 72. The SEC alleges Thomas and Becker ran a fraudulent $29.5 million sports betting investment scheme. The two men raised the funds from 600 investors across 40 states by “offering investors pooled investment contracts whereby [the investors] obtain the opportunity to share in the purported profits” from Thomas’ and Becker’s “proprietary sports betting system.” Thomas and Becker communicated…
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Update: NCAA Transfer Rule

As we have previously covered, the NCAA recently changed their transfer rules. In the past, student-athletes went through a “permission to contact” process. This process limited their ability to transfer as their current college coaches were able to block the athlete from transferring to certain schools. Now, starting in October 2018, the NCAA has shifted to a “notification” system that will allow the athletes to transfer without coaches’ permission. However, on June 19, 2018, various NCAA conferences, including the Atlantic Coast Conference, Big TenConference, Big…
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Former Oriole Murrary Enters Into Settlement with SEC

Former Baltimore Orioles player and MLB Hall of Famer Eddie Murray has agreed to pay over $358,000 to settle insider trading allegations brought against him by the U.S. Securities and Exchange Commission.  The SEC accuses Murray of making more than $235,000 in a trading scheme involving another former Oriole, Doug DeCinces and James V. Mazzo, the former CEO of Advanced Medical Optics, Inc. (“AMO”).  The SEC’s complaint asserted that multiple tipoffs from Mazzo to DeCinces – and eventually, from DeCinces to Murray and others –…
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