Rebecca C. Lutzko United States Attorney for the Northern District of Ohio | U.S. Attorney for the Northern District of Ohio
Matthew J. Turnipseede, a 51-year-old resident of Las Vegas, Nevada, has been sentenced to 65 months in prison by U.S. District Court Judge Christopher A. Boyko for orchestrating a Ponzi scheme that defrauded investors of over $8.5 million. In addition to the prison sentence, Turnipseede has been ordered to pay restitution amounting to $4,731,165.10 after pleading guilty to four counts of wire fraud in November 2024.
The indictment revealed that from March 2015 to May 2021, Turnipseede convinced approximately 72 individuals from Ohio and other locations to invest in his betting companies, Edgewize and Moneyline Analytics. He assured investors that their money would be used for sophisticated sports wagers based on an algorithm promising double-digit returns. He also claimed he would not take compensation for placing bets but would retain a portion of the profits from successful wagers.
Contrary to his promises, none of Turnipseede's companies produced the expected profits. Instead, he used the invested funds to sustain the businesses, seek additional investments, and repay earlier investors.
To maintain the scheme's facade, Turnipseede sent periodic updates via email to victim-investors about the purported success of Edgewize and Moneyline Analytics. He also provided falsified financial statements showing substantial gains on their investments. When investors requested withdrawals, he used funds from new victims to fulfill these requests until the scheme collapsed when he declared bankruptcy in May 2021 with outstanding debts exceeding $4.7 million.
Turnipseede further admitted using investor funds for personal expenses such as family vacations, spa treatments, vehicle lease payments, and country club memberships.
The case was investigated by the FBI Cleveland Division and prosecuted by Assistant U.S. Attorneys Erica D. Barnhill and Brian M. McDonough for the Northern District of Ohio.
