DETROIT – A Southfield man is facing eight felony charges for allegedly defrauding a sports betting app.
Jeffrey Saco, 38, allegedly made more than $2 million in fictitious deposits into his Caesars sportsbook account by “exploiting a system vulnerability” in April 2023. He placed 10,000 bets within 16 days—that’s about 26 bets an hour. The bets wagered more than $88 million. He then allegedly transferred more than $521,000 into his personal account before ceasing activity on the platform.
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Saco was arrested on Sept. 4 and was arraigned on Sept. 5 in the 86th District Court. He was released on a $500,000 personal bond.
Saco faces the following felony charges:
- One count of Larceny by Conversion
- Three counts of Gambling Activity-Felony Violation
- Four counts of Using a Computer to Commit a Crime
“The Michigan Gaming Control Board takes the enforcement of gambling laws and regulations very seriously in this state,” MGCB Executive Director Henry Williams said. “To that end, I appreciate the collaborative partnership the agency has with the Michigan Attorney General’s Office and industry personnel at Caesars Entertainment—who initially notified us about this situation. It is important to remember that this individual who is facing charges has the right to due process and is presumed innocent until proven guilty. With that being said, we will now let the judicial system determine the truth in this matter and the veracity of the charges.”
His preliminary examination is scheduled for Friday, Oct. 4, 2024, at 11 a.m.