Ex Mobster Breaks Down NBA Betting Scandal and How He 'Trapped' Players
A former mobster has broken down the NBA's betting scandal, explaining how he used to 'trap' players who owed him money.
On Thursday, basketball stars including Chauncey Billups and Terry Rozier were arrested along with more than 30 others as part of a major illegal gambling crackdown.
One case alleges that six individuals, including Rozier, used insider information as part of an illegal sports betting scheme.
A second case alleges that 31 defendants, including Billups, were involved in a separate scheme involving a rigged, illegal poker game.
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FBI chief Kash Patek said that the illegal gambling and betting operations took place over several years across the US, with arrests spanning 11 states.
Also named in the case were four of New York's largest crime families: the Bonanno, Gambino, Genovese and the Luccheses.
The fifth well-known family, the Colombos, was not involved.
Now, Michael Franzese, a former member of the Colombo family, has explained how he used to 'trap' players who got into debt with him.
He claimed that during the peak of his criminal career, he was generating around $8 million each week, before he was sentenced to 10 years in prison in 1986.
Franzese was released in 1989, then rearrested in 1991, before being released again in 1994.
He has since left the mafia and now works as a motivational speaker.
Explained how the system works, he said: "Bookmaker working with me, he comes to me, and says, 'This player he's into me really heavy. He owes me 50 grand.'
"Ok, what do you want to do? Should I bring him to you? How should I collect?
"50 grand, let him get into you for 250 grand, 300 grand. What are you doing? You're writing an entry on a piece of paper; it's not costing you a penny.
"He's a bad gambler, let him get into you heavy and then bring him to me. Boom."
Franzese continued: "Before you know it, he's into me $250,000 or $300,000, bring him to me.
"Sit down, hey, how you doing? You owe me a lot of money. Oh, you didn't know it was me? Sorry, we don't always put that out there but it's me. How are you going to pay?
"I tell you what, I love your team, I like the way you play, I'm going to give you a break. You owe me $250,000. You don't have to pay me right away; you pay me 2% a week in cash.
"Every Monday you be here with the cash."
Franzese said players would often try to make up their losses through betting themselves, which rarely worked.
When that failed, he said they would be told to fix games.
Topics: NBA, Basketball
James Taylor