Press Release
Former Telecommunications Company Executive Admits Defrauding Investors in Sports Betting Fund
For Immediate Release
U.S. Attorney's Office, Eastern District of Missouri
ST. LOUIS – A Pennsylvania man on Thursday admitted stealing $650,000 from investors in a sports betting fund.
Elijah A. Goshert, 48, pleaded guilty in U.S. District Court in St. Louis to three counts of wire fraud. He admitted defrauding investors from at least Feb. 1, 2017, through Nov. 15, 2023, by falsely claiming the Magellan Sports Fund used a “sophisticated computer algorithm” that substantially reduced betting risks. Goshert sent emails to investors falsely claiming that he’d used their money to make sports bets and false “investors performance” updates claiming that their investments were making substantial profits.
Goshert spent the vast majority of the victims’ investments on unauthorized expenses. He admitted stealing about $654,861 from at least 12 victims.
Goshert is scheduled to be sentenced January 22, 2025. Each wire fraud charge carries a potential penalty of up to 20 years in prison, a $250,000 fine, or both prison and a fine.
The FBI investigated the case. Assistant U.S. Attorney Derek Wiseman is prosecuting the case.
Contact
Robert Patrick, Public Affairs Officer, robert.patrick@usdoj.gov.
Updated October 17, 2024
Topic
Financial Fraud