Show-Me State Times

A man from Pennsylvania, Elijah A. Goshert, has been indicted in St. Louis on three counts of wire fraud for allegedly defrauding investors in a sports betting fund for over five years. Goshert, who had a day job at a telecommunications company, is accused of misleading investors about the Magellan Sports Fund, claiming it used a sophisticated computer algorithm to place sports bets with reduced risks. However, according to the indictment, Goshert actually used investors' money for personal expenses including Disney vacations, private school tuition, and mortgage payments.

The indictment states that Goshert sent fraudulent updates and account statements to investors and misled them when they attempted to withdraw funds. At least 10 investors are reported to have lost over $500,000 due to the alleged scheme.

Goshert was arrested in Pennsylvania on February 28, 2024, and pleaded not guilty in U.S. District Court in St. Louis. It should be noted that charges in an indictment are accusations and do not constitute proof of guilt, with the presumption of innocence until proven guilty.

If convicted, each wire fraud charge carries a potential penalty of up to 20 years in prison, a $250,000 fine, or both. The FBI conducted the investigation, and Assistant U.S. Attorney Derek Wiseman is prosecuting the case.