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.