Connecticut Man Pleads Guilty to Wire Fraud and Money Laundering After Gambling Over $1.16 Million in Crypto Funds on Stake.com
Elmin Redzepagic pleaded guilty to defrauding over 10 victims of $1,159,945.34 by diverting crypto investment funds to Stake.com gambling. The scheme ran from 2021-2025 and included false statements to IRS agents. Sentencing occurs January 11, 2027.
SCCG Take — The case illustrates how offshore gambling access can enable rapid dissipation of digital assets in fraud schemes, reinforcing the need for tighter transaction monitoring around crypto-to-gambling flows.
A 25-year-old Connecticut man entered a guilty plea to federal fraud and money laundering charges after directing more than $1.16 million in entrusted cryptocurrency funds to the offshore platform Stake.com.
Elmin Redzepagic, of Wolcott, appeared before U.S. District Judge Kari A. Dooley in Bridgeport on October 19. The former Southern Connecticut State University basketball player admitted defrauding more than 10 victims between May 2021 and March 2025 by posing as a successful crypto investor.
Prosecutors stated that Redzepagic persuaded victims to transfer funds for investment purposes but instead routed the money to online gambling. The confirmed net losses totaled $1,159,945.34. Redzepagic pleaded guilty to two counts of wire fraud, one count of international money laundering, and one count of making a false statement to investigators.
Deception Methods and Platform Transfers
Redzepagic told victims their investments had generated profits, then demanded extra payments labeled as “gas fees” for supposed withdrawals. He referenced an investment team led by a figure called “The Chef” to explain delays. Funds were transferred directly to Stake.com, where Redzepagic generated Bitcoin addresses. Occasional “lulling” payments were sent back to victims to sustain confidence while the scheme continued. The activity began during his time with the university basketball program, where he played in 31 games and averaged 1.7 points per game.
False Statements and Pending Sentence
During a September 2023 interview with Internal Revenue Service Criminal Investigation agents, Redzepagic denied ongoing use of an offshore gambling platform and claimed a nonexistent person named “Greg” had doubled investor money. A grand jury returned a 21-count indictment. Redzepagic was arrested February 12, 2026. As reported by World Casino News, sentencing before Judge Dooley is scheduled for January 11, 2027. Wire fraud and money laundering counts each carry a maximum of 20 years; the false-statement count carries up to five years. Redzepagic remains free on $500,000 bond pending the hearing.
Reporting: World Casino News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Gaming, betting and prediction markets — the desk’s read, every weekday.
Subscribe →