In 2022 alone, he reported $143,000 in taxable income while actually earning more than $5 million
A Santa Monica man who admitted running an illegal sports betting business, evading millions in taxes, and laundering money through real estate and gold investments was sentenced Tuesday to nearly two years in federal prison and ordered to forfeit $10 million, federal prosecutors said.
Christopher Scott King, 51, was sentenced to 21 months behind bars and ordered to pay $3.8 million in restitution to the Internal Revenue Service, according to the U.S. Department of Justice.
Prosecutors said King operated an unlicensed bookmaking operation out of Los Angeles County, using a Costa Rica-based sports betting website to facilitate wagers on sporting events in violation of state and federal law.
Between 2019 and 2022, King concealed more than $13.5 million in income from the IRS, according to court documents. In 2022 alone, he reported $143,000 in taxable income while actually earning more than $5 million, authorities said.
To disguise the profits, King laundered the money through real estate development projects, gold purchases, and brokerage accounts, according to the Justice Department.
As part of his plea agreement, King agreed to the $10 million forfeiture and to pay restitution covering the $3.8 million tax loss he caused to the federal government.