California Businessman Accussed Of Blowing Investor Money In Las VegasDefendant Charged With Six Counts Of Wire Fraud |
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An Orange County man allegedly used millions that he obtained from investors for his dental equipment company in order to gamble in Las Vegas, The Los Angeles Times reported.
And he apparently lost.
A federal indictment was unsealed on Dec. 4 against William Knox. He has pleaded guilty and is free on $125,000 bond. He was arrested on Nov. 18.
The case against him includes six counts of wire fraud.
Knox’s company is Osseous Technologies of America.
He allegedly raised at least $3.5 million for his company from 2010 to 2012.
In addition to the gambling, he allegedly used investor money to pay for his children’s private-school tuitions.
The Los Angeles Times reported: “Using a hidden recorder planted on one of his alleged victims, FBI agents recorded Knox admitting he gambled away the money, according to court documents. The tape reportedly recorded Knox saying he contemplated suicide after he realized that his alleged fraud would be uncovered.
Knox went on to say that he was committed to a mental facility after he told a therapist he’d thought of killing himself and his family, according to an FBI agent’s description of the recording.”
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