A Santa Monica Man's Big Bet Goes Wrong: The Cost of Illegal Gambling
Christopher King Faces Nearly Two Years in Prison
A man from Santa Monica has been sentenced to nearly two years in prison for operating an illegal sports betting operation. Additionally, he was ordered to forfeit $10 million and pay back $3.8 million in unpaid taxes.
Admitted Crimes
King admitted to several serious offenses, including:
- Tax evasion
- Operating an illegal gambling business
- Money laundering
He ran the operation from his Santa Monica condo, using a Costa Rica-based website to accept bets from customers.
Operation Details
From 2015 to May 2024, King and his associates managed the betting business. They paid winners and collected losses. In one instance, King received a large check from a bettor and used the funds to pay a contracting company he frequently worked with.
Money Laundering Scheme
To hide his tracks, King laundered money through a gold dealer. He purchased gold and instructed the dealer to pay others on his behalf. In one case, he directed the dealer to pay $400,000 to the same contracting company.
Tax Evasion
Between 2019 and 2022, King hid over $13.5 million in income from the IRS. On his 2022 tax return, he reported only $143,258 in taxable income, despite earning over $5 million that year.
Consequences
This case underscores the risks of running an illegal business and the importance of financial honesty. King's actions resulted in severe penalties, including prison time and significant financial losses.