Minnesota Man Arrested for Illegal Sports Betting

Gerald Goldfield, a 68 year old Minnesota resident, has been charged for running an illegal sports betting business for four years, beginning in 2007.  Goldfield allegedly received around $10 million each year in bets, of which up to $600,000 went into his pocket as profits. An informant was told that Goldfield received “several million (dollars) in action” from local Fargo residents.

Participants in the illegal online gambling scheme were advised by Goldfield to list their bets as ‘investments’ when wiring documents. Computer servers, according to Goldfiled, were located in Costa Rica.

Trial has been set for August 5th in the case of the illegal sports betting network established by Goldfield.

This is not the first time that Goldfield has run into trouble with the law, and he is, in fact, being held in federal custody for his role in a high-profile mortgage fraud scheme in the Twin Cities, involving downtown condos in Minneapolis.

Last year, while serving a 50 month sentence for the mortgage fraud scheme, Goldfield escaped from the minimum security federal prison in Duluth, along with Michael J. Krzyzaniak, 65.  During a routine head count, the two were found to be missing from the prison, and after a state wide search, they were found six days later at the Hampton Inn in Burnsville, following a tip off to police.

It seems it wasn’t too hard for the two to slip out of the prison, which is described as having no “walls or fences to contain prisoners; rather, using an honor system.”  Inmates can reportedly take college courses, and even leave the confines of the prison to attend medical appointments.

Once captured, Goldfield was sentenced to a further 18 months in prison, on top of his previous 50 month sentence.  He now faces further jail time for his illegal sports betting ring, if found guilty in the trial beginning in August.