U. S. Attorney Sayler A. Fleming | US Attorney - Eastern District of Missouri
U. S. Attorney Sayler A. Fleming | US Attorney - Eastern District of Missouri
A Pennsylvania man has admitted to defrauding investors of $650,000 in a sports betting fund. Elijah A. Goshert, 48, pleaded guilty to three counts of wire fraud in the U.S. District Court in St. Louis on Thursday.
Goshert confessed to deceiving investors from February 1, 2017, through November 15, 2023. He falsely claimed that the Magellan Sports Fund utilized a "sophisticated computer algorithm" to minimize betting risks. Goshert misled investors by sending emails that falsely stated he had used their money for sports bets and provided false "investors performance" updates indicating substantial profits.
The majority of the funds were spent on unauthorized expenses by Goshert, who admitted to stealing approximately $654,861 from at least 12 victims.
Sentencing is scheduled for January 22, 2025. Each count of wire fraud could result in up to 20 years in prison and a $250,000 fine or both.
The FBI conducted the investigation into this case with Assistant U.S. Attorney Derek Wiseman handling the prosecution.
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