But prosecutors explained that no buyers made such offers and disputed the high rate of return.<\/p>\n
In reality, the plot involved alleged laundering of investor money through transfers in and out of the Sindakit Software financial account, prosecutors explained.<\/p>\n
Financial statements given to the investors were false, prosecutors said. They were inflated because of the line of credit and manipulation, prosecutors add.<\/p>\n
\u201cUtah has an outsized fraud problem, and these allegations illustrate the conduct of a serial schemer,\u201d John Huber said in his statement about the case.<\/p>\n
A judge once told Christopher Hales he was addicted to defrauding people,\u201d Paul Haertel, an FBI agent based in Utah, added in the statement.\u00a0 \u201cThe reality is that most fraudsters have no remorse or conscience, and they often reoffend.\u201d<\/p><\/blockquote>\n
The recommended 10-year sentence still needs to be approved by a federal judge. Hales previously was sentenced to prison for an earlier crime.<\/p>\n
In 2011, after Hales was convicted of bank fraud in connection with mortgage fraud, Hales was sentenced to 90 months in federal prison, Huber said. Hales was also ordered to pay $12.7 million in restitution.<\/p>\n
While on supervised release in 2016, he violated terms of his release. Hales was then sentenced to another 30 months in prison.<\/p>\n
Following his release from federal prison in 2018, he was assigned to the halfway house in Salt Lake City.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Utah man has pleaded guilty to taking part in an allegedly fraudulent multi-million-dollar athletic wagering software plot via a business identified as Sindakit Software LLC. He now faces a 10-year sentence in prison. Christopher D. Hales, age 39, of Lehi, Utah, entered the plea last week in Utah federal court to wire fraud conspiracy […]<\/p>\n","protected":false},"author":44,"featured_media":152496,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1074],"tags":[],"acf":[],"yoast_head":"\n
$7M Utah Sports Betting Software Plot Leads to Likely Prison Sentence<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n