A Santa Monica man who pleaded guilty to running an unlicensed sports betting operation, evading his taxes and laundering money was sentenced Tuesday to nearly two years behind bars and will forfeit $10 million.
Christopher King was ordered to pay $3.8 million in restitution to the Internal Revenue Service along with the 21-month federal prison term and the forfeiture, according to the U.S. Department of Justice.
King admitted using a Costa Rica-based sports betting website to facilitate wagering on sporting events in violation of both California state and federal laws.
Prosecutors say that between 2019 and 2022, King hid more than $13.5 million of income from the IRS by, among other things, not reporting all his income on his returns. On his 2022 return, for example, King reported $143,258 in taxable income but in reality, he earned more than $5 million that year, according to his plea agreement filed in Los Angeles federal court.
King, who worked out of his home, laundered his money by channeling it through real estate development projects and gold, the DOJ said.
He was also accused of using money received from his illegal gambling business to fund brokerage and financial accounts. As part of his plea deal, King agreed to forfeit the $10 million in a personal money judgment.
In total, federal prosecutors said, King caused a tax loss to the IRS of about $3.8 million.
King has already paid the restitution and forfeiture, according to the DOJ.