Adam Meyer Charged in $25m Sports Betting Fraud

Adam Meyer, who touts himself as “sports consultant to the stars”, has been arrested for an alleged sports betting scam worth $25 million. The event, according to an indictment unsealed last week, occurred in 2012 when an associate of Meyer forced a man at gunpoint to wire millions to the sports betting pro’s account.  The 42 year old faces charges of wire fraud, extortion and racketeering, as well as charges related to firearm brandishing.

Adam Meyer is well known in the world of sports betting, charging up to $250K to gamblers for prediction services. Meyer is not breaking the law by providing tips on professional and college sporting events. However, the indictment charges him for directing some of his customers to offshore gambling sites, some of which of “the purported third-party bookmakers were actually associates of Meyer’s and were working on his behalf.”

In 1996, Adam Meyer served a three month sentence in federal prison after facing similar charges to the ones spelled out in last week’s indictment.

On Tuesday, police turned up at Meyer’s Fort Lauderdale’s home and arrested him.  He complained of chest pains and was taken to hospital, before being released back into federal custody in Florida.   Meyer’s lawyer, Brian H. Bieber said that when the “full set of facts and circumstances…come to light” they will show that the “facts as stated in the indictment are not completely accurate.”

On Friday, Meyer was released on bail after his parents co-signed a $1 million bond. He will be allowed to continue working at his business, Real Money Sports Inc., although he has to remain home between 8 pm and 8 am every day.  He pleaded not guilty on Friday, and will appear in court in Wisconsin next, where charges were initially filed.