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Fraud Friday: Horse Racing Edition

Our post-Thanksgiving Fraud Friday edition involves horse race betting, greed, and fraud.

Christopher J. Woods, 53, has been sentenced to four years in federal prison for concealing the proceeds of a loan fraud scheme that caused victims to lose more than $5 million in less than eight months.

Woods had $1.9 million wired to an account in Hong Kong, then wired back to his personal bank account. To fuel a gambling addiction.

He got in trouble by promising his private investors the loans were “safe”. They were only as safe as his next horse racing bet.

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