CLEVELAND, OH — A smooth-talking Las Vegas man who promised investors big wins in sports betting instead gambled with their trust — and lost. Matthew J. Turnipseede, 51, has been sentenced to more than five years in federal prison after masterminding a multi-million-dollar Ponzi scheme that drained over $8.5 million from unsuspecting victims across the country.
Turnipseede, who once touted his “advanced algorithm” as the secret sauce behind his companies Edgewize and Moneyline Analytics, pleaded guilty in late 2024 to four counts of wire fraud. His sentencing — 65 months behind bars and over $4.7 million in court-ordered restitution — was handed down by U.S. District Judge Christopher A. Boyko in Cleveland.
“This was not a legitimate business gone wrong,” prosecutors said. “It was fraud from the start — plain and simple.”
A “Sure Thing” That Was Too Good to Be True
Beginning in March 2015, Turnipseede launched what he claimed was a revolutionary approach to sports wagering — one driven by analytics, data, and a proprietary betting model that supposedly delivered double-digit returns. He pitched the plan to friends, colleagues, and investors, swearing he wouldn’t take a dime in fees unless his bets won.
But it was all a lie.
Over six years, Turnipseede lured in 72 investors, mostly in Ohio, and convinced them to pour millions into his scheme. In reality, there were no winning wagers. No groundbreaking algorithm. Just a cycle of deception and manipulation designed to keep the illusion alive.
Lies, Lavish Spending, and Collapse
To maintain the con, Turnipseede sent investors falsified account statements and glowing reports of “successful” months. When investors wanted to withdraw funds, he simply used money from new victims to pay off old ones — classic Ponzi playbook.
But it didn’t stop there. Prosecutors revealed Turnipseede diverted investor funds for personal luxuries, including:
- Family vacations
- Spa treatments
- Country club memberships
- Lease payments on high-end vehicles
The house of cards came crashing down in May 2021, when Turnipseede finally declared bankruptcy, leaving investors with nothing but smoke and mirrors — and a collective $4.7 million hole in their pockets.
Justice Delivered, but Scars Remain
The case, led by the FBI’s Cleveland Division and prosecuted by Assistant U.S. Attorneys Erica Barnhill and Brian McDonough, is one of the largest sports betting-related fraud cases in recent Ohio history.
“This sentence brings a measure of justice,” said the FBI in a statement. “But for many victims, the financial and emotional scars will take far longer to heal.”
Turnipseede now swaps country clubs for a federal cell — his dream of a sports betting empire reduced to a cautionary tale about greed, lies, and how even the smartest pitch can be rotten underneath.
Let this be a warning: If it sounds too good to be true, especially in Vegas… it probably is.
