LOS ANGELES — Federal prosecutors in California say a professional poker player has admitted he bilked investors out of more than $6 million in a Super Bowl and World Cup ticket-flipping scam.
The U.S. Attorney’s office says Seyed Reza Ali Fazeli pleaded guilty Tuesday to wire fraud.
Prosecutors said Fazeli ran a Nevada-based company called Summit Entertainment that raised millions by promising to purchase tickets for resale to the Super Bowl and World Cup. He never bought the tickets and instead used the money for personal expenses and to pay off gambling debts, according to prosecutors.
The 49-year-old faces up to 20 years in prison when he’s sentenced in January.
Fazeli is facing civil lawsuits related to the scheme.
He played on the pro poker circuit for several years in Las Vegas.