Source: www.scpr.org - Saturday, March 28, 2015
Oklahoma's Buddy Hield, right, and Denzel Valentine of Michigan State played in Friday's East Regional Semifinal of the 2015 NCAA tournament in Syracuse. If you've got money riding on this year's NCAA tournament, you might want to hear about what happened to John Bovery's football pool.; Credit: Maddie Meyer/Getty Images About 25 years ago, John Bovery started a modest football pool out of his home in New Jersey. It had 57 participants, all friends and co-workers. But thanks to word of mouth — and the multiplying factor of email — Bovery's pool grew to staggering proportions. At one point, it got too large for Bovery to handle himself, so he contacted a software company to custom-build something suited to his needs. By 2009, it included more than 8,000 entries from people around the globe, with a total payout of more than $800,000. The following year, the New Jersey police raided Bovery's home, seized all the money in his house and his bank accounts — something called civil forfeiture, when assets are confiscated by the state because they're believed to be connected to illegal activity — and sent him to jail. "They said, 'Make it easy on yourself, give us the betting slips and the cash,' " Bovery recalls. "And I said, 'There is no cash in this house; it's all checks. And there's no betting slips. I'm not a bookie.' " Five months later, Bovery was arrested on money laundering charges and spent 25 nights in jail. One of the main que
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Oklahoma's Buddy Hield, right, and Denzel Valentine of Michigan State played in Friday's East Regional Semifinal of the 2015 NCAA tournament in Syracuse. If you've got money riding on this year's NCAA tournament, you might want to hear about what happened to John Bovery's football pool.; Credit: Maddie Meyer/Getty Images About 25 years ago, John Bovery started a modest football pool out of his home in New Jersey. It had 57 participants, all friends and co-workers. But thanks to word of mouth — and the multiplying factor of email — Bovery's pool grew to staggering proportions. At one point, it got too large for Bovery to handle himself, so he contacted a software company to custom-build something suited to his needs. By 2009, it included more than 8,000 entries from people around the globe, with a total payout of more than $800,000. The following year, the New Jersey police raided Bovery's home, seized all the money in his house and his bank accounts — something called civil forfeiture, when assets are confiscated by the state because they're believed to be connected to illegal activity — and sent him to jail. "They said, 'Make it easy on yourself, give us the betting slips and the cash,' " Bovery recalls. "And I said, 'There is no cash in this house; it's all checks. And there's no betting slips. I'm not a bookie.' " Five months later, Bovery was arrested on money laundering charges and spent 25 nights in jail. One of the main quefrom Top News on RSS Feeds http://ift.tt/19c8QTV
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