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A Las Vegas man has been charged with one count of securities fraud following an investigation at the Nevada Secretary of State’s Office.
Michael Clough is accused of defrauding investors out of tens of thousands of dollars as part of a Las Vegas sports betting scheme.
The one count of security fraud is considered a Class B felony, which can carry up to a 20 year prison sentence.
How It Started
Documents state that in February 2025, state investigators set up an undercover meeting with an investor at a Las Vegas Strip casino. During that encounter, hotel security took Clough into custody after casino staff flagged him as barred for allegedly running an illegal wagering pool. Court filings say Las Vegas Justice Court Judge Kristal Bradford then ordered Clough to stay away from all Clark County casinos and placed him on electronic monitoring while the case proceeds, according to 8 News Now.
Clough is due back in Clark County District Court on Thursday, where prosecutors are expected to present the case at arraignment. The probe is ongoing.
On his LinkedIn page, Clough lists being a "sports broker" since 2012.
Records show he was issued a final order to Cease and Desist & Revocation of Statutory Registration Exemptions in 2020. At the time he was found to be soliciting sports wagering investment products under various company names including including Sports Bet Brokers, Sport Brokers, Sportivo, and Circles Network, LLC.
According to the Summary Order, the securities were in the form of notes issued in connection with an entity wagering program. In 2015, Nevada enacted legislation allowing entity betting (somewhat akin to a gambling mutual fund). According to the Secretary of State's Summary Order, only one sportsbook has ever been approved by the Nevada Gaming Commission to accept entity wagering. Allegedly, that sportsbook never accepted an entity wager from the respondents.
- Jagajeet Chiba, Gambling911.com
