Financial Analyst Accused of Misusing Money for Personal Expenses
A former employee of the Jacksonville Jaguars is facing charges after allegedly embezzling $3.4 million in funds from FanDuel, the popular sportsbook and fantasy sports provider. Amit Patel, who was first employed by the team in 2018, is accused of using the stolen money to finance a luxurious lifestyle.
Extravagant Purchases Made with Embezzled Funds
Patel allegedly used the embezzled funds to buy two vehicles, a condominium, a $100,000 watch, sports memorabilia, a country club membership, concert tickets, spa treatments, and other personal expenses. His attorney, Alex King, claims that Patel used the money to pay back previous gambling losses, as he suffers from a “gambling disorder” and is receiving treatment for it.
A Staggering Loss in Gambling
Described as “the biggest loser ever on FanDuel” and a “legendarily bad” bettor, Patel reportedly lost a staggering $20 million on daily fantasy and other wagers through the sportsbook. All of this money was taken via the team’s virtual credit card (VCC).
Response from FanDuel and the Jaguars
FanDuel and the Jacksonville Jaguars have not yet responded to requests for comment. However, sources state that FanDuel has received the embezzled money and believes it is not their responsibility to forfeit it back to the team.
Cooperation with Law Enforcement
The Jacksonville Jaguars announced in December that they have been cooperating with the FBI and other law enforcement agencies regarding this case. The team expressed their disappointment in Patel’s actions, stating that he took advantage of his trusted position to commit fraudulent financial activities for personal gain.
Hiding the Transactions
Patel was able to conceal his fraudulent transactions by duplicating legitimate reoccurring transactions such as catering, airfare, and hotel charges. By inflating the amounts of these transactions, he successfully hid his embezzlement activities.
Legal Consequences
Patel was terminated by the team last year and has been charged with one count each of wire fraud and illegal monetary transaction. If convicted, he could face severe penalties.
It is important to note that the allegations against Patel are yet to be proven in court, and he is presumed innocent until proven guilty.