Federal charges against 2 Nevada men in $29M sports betting scheme

Two Las Vegas valley men face federal charges in an alleged sports betting investment scheme. U.S. Securities and Exchange Commission filed the charges on Wednesday. Officials say 74-year-old John Thomas and 72-year-old Thomas Becker told investors it was a low-risk way to triple your funds in less than 6 months. They allegedly got $29 million overall. The feds say the two men used the money on lavish trips and personal expenses. They both pleaded guilty to conspiracy of running a pyramid scheme in 1991.