Pennsylvania Man Indicted For Defrauding Investors in a Sports Betting Fund

For more than five years, Goshert sent fraudulent “updates” and account statements to investors and used investor money for personal expenses like Disney vacations.

Grant Leonard - News Editor at Covers.com
Grant Leonard • News Editor
Mar 12, 2024 • 17:06 ET • 4 min read
HardRockCafe
Photo By - USA TODAY Sports

According to the US Attorney's Office, Eastern District of Missouri, at least 10 investors lost more than $500,000 from an investment fund run by Elijah Goshert, 47. 

Goshert’s Magellan Sports Fund claimed to significantly reduce risk in sports betting by using a “sophisticated computer algorithm,” the US Attorney’s Office said in a press release.

For more than five years, Goshert sent fraudulent “updates” and account statements to investors and used investor money for personal expenses like Disney vacations, private school tuition, and mortgage payments. When investors tried to withdraw cash, he lied about his use of the funds and now he is facing three counts of wire fraud following an indictment on November 15, 2023. 

He was arrested in Pennsylvania on February 28 and pleaded not guilty in US District Court in St. Louis Tuesday.  

Although charges outlined in an indictment are merely accusations and do not constitute proof of guilt, Goshert is facing up to 20 years in prison and/or a $250,000 fine for each wire fraud charge should he be found guilty

Pages related to this topic

Grant Leonard - Covers
News Editor

Grant is a former junior B ice hockey player, and a current believer that the Washington Capitals’ aging core still has another Cup run left in the tank. Grant’s owned and operated his own marketing agency since shortly after graduating from Virginia Tech in 2014. He pursued the profession because he figured it’d be a great way to get paid to do something he loves to do, write. After years of hammering puck lines and leading his fantasy football league as Commissioner, Grant started writing about sports betting and the casino gaming industry in 2021 and hasn’t looked back.

Popular Content

Covers is verified safe by: Evalon Logo GPWA Logo GDPR Logo GeoTrust Logo Evalon Logo