A Philadelphia man admitted Tuesday to participating in a multimillion-dollar sports bookmaking operation and concealing the proceeds from federal authorities.
Leonard Stango, 66, pleaded guilty in federal court to aggravated structuring of financial transactions and filing false tax returns.
Prosecutors said that Stango, between 2006 and 2009, received more than 200 checks totaling over $5 million from bettors seeking to settle gambling debts.
Stango deposited the checks into his personal and business accounts then withdrew the profits in cash increments of $10,000 or less to avoid the banks’ federal reporting requirements. In total, Stango made about 345 cash withdrawals totaling about $2.5 million.