A Santa Monica Man's Big Bet Goes Wrong: The Cost of Illegal Gambling

A man from Santa Monica recently faced serious consequences for running an illegal sports betting operation. Christopher King was ordered to spend nearly two years behind bars. He also had to give up $10 million and pay back $3. 8 million in taxes he avoided paying. King admitted to several crimes. These included cheating on his taxes, running an illegal gambling business, and laundering money. He did all this from his own condo in Santa Monica. King and his team used a website based in Costa Rica to take bets from customers. From 2015 to May 2024, King and his associates managed the betting business. They paid winners and collected money from those who lost. In one example, King received a big check from a bettor. He then used the money to pay a contracting company he often worked with. King also tried to hide his tracks by laundering money through a gold dealer. He bought gold and had the dealer pay others on his behalf. In one case, he directed the dealer to pay $400, 000 to the same contracting company. 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. In reality, he earned more than $5 million that year. This case shows the risks of running an illegal business. It also highlights the importance of honesty in financial dealings. King's actions led to severe penalties, including prison time and large financial losses.