CBS News DFW – It was more than a decade in the making, but local and federal officials announce they busted a sports betting ring that handled more than 5-billion dollars.
It started with an anonymous letter to Plano police. A Plano undercover officer spent years peeling back the layers of what turned out to be a sports gambling scheme with international connections — and some bettors placing incredible wagers.
“Six or seven figures; and obviously we are in the big time here,” said John Bales, US Attorney for the Eastern District of Texas.
How big? Authorities confiscated stacks of gold and cash, with one safe containing more than a million dollars, according to investigators. Valuable sports collectibles were seized and will be sold at auction – and expensive real estate, including condos in Las Vegas.
“These were pricey, million dollar condominiums,” Assistant US Attorney Andrew Stover told CBS 11 News.
The ringleader, identified as Albert Reed, Jr. of Southlake, also owned a 2-million dollar penthouse in Dallas, according to the U.S. Attorney’s office.
In fact, the whole sports gambling operation was run via the internet from North Texas to virtually every state. The IRS and US attorney joined the probe in 2006. They say Reed was at the top of a pyramid organization and took a cut of every transaction beneath him.
