Former Attorney Charged with Defrauding Investors in a Fantasy Football Lottery League
ATLANTA –Timothy Cobb, 53, of Atlanta, was arraigned before U.S. Magistrate John K. Larkins III on wire and tax fraud charges for duping investors in a fantasy football lottery league.
“This defendant allegedly defrauded investors who believed he would run a fantasy football lottery league through the Georgia Lottery,” said U. S. Attorney Byung J. Pak. “Cobb gambled on getting away with his scheme, but he lost.”
“Cobb is no longer engaging in fantasy but reality,” said Thomas J. Holloman, Special Agent in Charge, IRS- Criminal Investigation. “Today’s indictment represents the government’s effort to throw a penalty flag against Cobb’s illegal activity to defraud investors in his startup of a fantasy league football lottery. Working these types of cases should show the taxpayer’s that everyone has a responsibility to report ‘all’ income on their tax returns.”
According to U.S. Attorney Pak, the charges, and other information presented in court: Cobb is a former attorney who started a company named Skyboxx Sports, LLC. Through Skyboxx, Cobb allegedly collected $500,000 from investors to start a fantasy football lottery league with the Georgia Lottery Corporation. Instead of using the proceeds from investors for business development, Cobb allegedly spent the money on himself for trips to Barbados and Mexico City, dining in restaurants in Atlanta, Miami Beach and New York, and other personal items. Cobb allegedly then filed false federal income tax returns that deliberately omitted the information he stole from his investors.
Members of the public are reminded that the indictment only contains charges. The defendant is presumed innocent of the charges and it will be the government’s burden to prove the defendant’s guilt beyond a reasonable doubt at trial.
This case is being investigated by the Internal Revenue Service Criminal Investigation.
Assistant U.S. Attorney Thomas J. Krepp is prosecuting the case.
For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.