Top Vegas sports bettor, family to pay $4.2M forfeiture

After being found guilty of playing part in an illegal gambling operation dealing with multi-millions in cash, Glen Cobb has now been sentenced. Cobb was sentenced to a year of probation just yesterday and will have to pay a $4.2 million forfeiture to the United States government along with his parents and stepdaughter.

Charles and Anna Cobb, the parents of Glen as well as Monica Namnard, his stepdaughter, pled guilty to misdemeanor chargers back in April. However, all four will have to share payment based on a ruling by United States District Judge Richard Boulware. A payment of $4.2 million is due to the government based on their involvement in the illegal operation.

Top Vegas sports bettor, family to pay $4.2M forfeiture

Cobb was also ordered by the judge to allow his computers to be monitored by probation officers thorough his year of probation. This will be done to ensure that no illegal wagers are placed with off-shore sports books.

The $4.2 million forfeiture judgement was incentive for Cobb to keep from dealing with any operations off-shore, according to the sports bettor. The family were subject to banishment from casinos by federal prosecutors with an argument in the court papers stating allowing the individuals to enter the casinos could be compared to allowing a fox into a hen house. However, Boulware refused to order the banning as it would harm the family’s livelihood. The defense team argued that while the family did have betting operations offshore, most of their business was conducted at Las Vegas casinos and completely legal.

The company of the Cobb family was found to have been engaged in illegal betting with at minimum, one offshore gambling site from early 2011 to late 2013. $13.2 million was seized in 2013 during raids of the Cobb family and Boulware has now ordered $9 million be returned to the family.

The four family members were originally charged with felonies but the charges were dropped after each individual agreed to a plea. The investigation of the Cobb family first came to light last year after a federal magistrate judge began to criticize the government efforts to keep the entire $13.2 million that was seized by the Secret Service and the IRS.