SEC Files Charges Against Nevada Sports Betting Mutual Fund
The founder of a sports betting mutual fund that raised $145,500 from roughly 70 investors is now in trouble with the U.S. Securities and Exchange Commission.
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The SEC filed multiple fraud charges and violations against Matt Stuart and his Bettor Investments. Stuart had not been heard from for over a year now. He is reportedly working as a dealer at a casino in Idaho.
From the Las Vegas Review Journal:
Stuart registered Bettor Investments in 2015, shortly after a law passed that authorized business entities to place wagers on behalf of investors from around the world, with investors sharing in the wins and losses.
Between 2016 and 2017, several of Stuart’s clients invested between $5,000 and $10,000, according to investors. The fund’s minimum was $500.
Stuart had previously placed bets through CG Technology on behalf of Bettor Investments. He would later shut that fund down, citing regulatory concerns. Stuart had filed for bankruptcy twice before setting the fund up through CG Technology.
He refunded about $70,000 to approximately 15 investors and converted the rest into 12-month promissory notes with “guaranteed” 14 percent rates of return, according to the SEC.
Payments were no longer received and the Bettor Investments website was subsequently shut down.
“I don’t expect to get the money back. I don’t think Matt has the money,” investor Gary Lowitt said. “As far as I can tell, the whole idea of sports entity wagering has basically fallen apart. It was an interesting idea, but I don’t think it was well thought out by the state of Nevada.”
- Nagesh Rath, Gambling911.com
