Sports punters cheated of $900,000

A Hamilton man who cheated investors out of nearly $900,000 in an online sports betting scheme has pleaded guilty to several charges. Photo / Martin Sykes

A Hamilton man who cheated investors out of nearly $900,000 in an online sports betting scheme has pleaded guilty to several charges.

Brian Joseph Scandlyn, 29, unemployed, appeared in the Hamilton District Court yesterday charged with engaging in a money-laundering transaction knowing that part of the $883,533.40 he had obtained was the proceeds of a serious offence.

The transactions, which occurred between June 6, 2008 and June 26, 2009, are understood to involve money from at least 200 investors who were duped into an arbitrage sports betting scheme.

Scandlyn pleaded guilty to 11 charges of taking or using a document for pecuniary advantage and two of money laundering.

Hamilton police said yesterday that they were seeking to recall a further eight charges.

Scandlyn called small businesses at random to tell them about the scheme, which was linked to a legitimate online Australian sports betting agency, called International All Sports. The victims were told that if they paid $5600 they could make a return of up to $10,000 within six months.

Investors were then required to deposit a further $1000 to open a trading account with IAS, which Scandlyn's now-defunct company Excel Trading New Zealand Ltd would then operate.

Checks with the Australian company showed legitimate profits were possible but when the investors made queries they were unable to contact their New Zealand-based agent.

Scandlyn was remanded on bail and is to appear at Hamilton District Court for sentencing on December 15.