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US Attorney and FBI Announce Arrest of Man for $8 Million Wire Fraud Scheme

LawFuel.com – Preet Bharara, the United States Attorney for the Southern District of New York, and George Venizelos, the Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation (“FBI”), announced today that SETH BEOKU BETTS, a principal of Betts and Gambles Global Equities, LLC (“Betts and Gambles”), was arrested today on the charge of wire fraud for operating a scheme to defraud a public university (the “University”) in the Midwest of more than $8 million.


BETTS is alleged to have solicited the money from the University for the purposes of trading in collateralized mortgage obligations (“CMOs”).

He then misappropriated the funds, including at least $2 million to purchase luxury automobiles and a personal residence in Florida. BETTS was arrested in Durham, North Carolina this morning, and is expected to be presented in federal court in the Eastern District of North Carolina, Western Division, this afternoon.

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