In an email in March 2017, Stuart told LVRJ that it was his mistrust of CG, which was fined by federal authorities for several incidents of illegal gambling and money laundering, that prompted him to close Bettor Investments.<\/p>\n
Bettor Investments stopped all wagering with CG last November (2016),\u201d Stuart wrote. \u201cI closed the account after learning about the $24 million in fines CG paid to Nevada, New York and the US Treasury not to mention the SEC subpoenas that were sent to all entities.<\/strong><\/p><\/blockquote>\n\u201cI am a one-man shop, so it made no sense for me to continue,\u201d he added. \u201cI could not honestly ask potential investors to trust yet alone expose their own private financial information with a CG after the turmoil they have had.\u201d<\/p>\n
Where\u2019s the Money?<\/strong><\/h2>\nBut Stuart, who once promised his clients \u201cconservative growth, profit and stability,\u201d appears to be facing some turmoil of his own.<\/p>\n
Instead of paying his clients back when he shut the business down, he asked them to enter into a loan agreement and issued promissory notes.<\/p>\n
When\u00a0 the notes were due for redemption at the end of last year, Stuart went incommunicado.<\/p>\n
\u201cMyself and a great number of similar investors have been defrauded out of the money we put into Bettor Investments,\u201d wrote Todd Thomas in a complaint to the Nevada Secretary of State. \u201cMatt has defaulted on his monthly investor payments since approximately December and has gone radio silent to investors asking for their money back.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Investors in one of Nevada\u2019s first ever sports betting mutual funds are becoming increasingly concerned about their money, according to a report by the Las Vegas Review-Journal this week. They say that Reno-based Matt Stuart of Bettor Investments has gone AWOL with their cash and refuses to answer their correspondence. Sports betting mutual funds were […]<\/p>\n","protected":false},"author":42,"featured_media":71102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,1074],"tags":[],"acf":[],"yoast_head":"\n
Investor Concern over Vegas Sports Betting Mutual Fund \u2018Radio Silence\u2019<\/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