Jaguars requested FanDuel to return stolen $20M, supply says

The Jacksonville Jaguars have requested FanDuel to reimburse them for some or all the roughly $20 million in stolen proceeds a former worker misplaced on the location, however the firm is unwilling to pay, a supply accustomed to the scenario advised ESPN.

Amit Patel, a midlevel finance supervisor, has pleaded responsible to stealing $22 million by way of a digital bank card system the Jaguars used for bills. Sources with information of the case advised ESPN that Patel misplaced about $20 million of the funds on day by day fantasy and sports activities bets at FanDuel, which had assigned him a VIP host. He misplaced about $1 million on DraftKings, sources stated.

Patel transferred cash immediately from the staff VCC to FanDuel, sources stated.

The supply accustomed to the scenario stated discussions are ongoing amongst FanDuel, the Jaguars and the NFL on what the supply referred to as “a settlement.” Nonetheless, the supply stated, “The best way they see it … we obtained this cash honest and clear. It isn’t our drawback that now we have to forfeit it again to you.”

“I might be gobsmacked if it occurred,” the supply added.

FanDuel and the NFL declined to remark. The Jaguars didn’t reply to requests for remark.

Patel siphoned the funds over 3½ years, in line with federal court docket paperwork. In December, he pleaded responsible to fraud fees in federal court docket in Jacksonville, Florida. He faces as much as 30 years in jail and a $500,000 wonderful when he’s sentenced March 12.

Sources stated FanDuel alerted the NFL to Patel’s betting in January 2023 after he positioned conventional sports activities bets in Tennessee. The quantities and varieties of wagers that triggered the investigation are unknown. The Jaguars had no information of the embezzlement scheme or Patel’s intensive day by day fantasy behavior till they have been notified by the NFL, staff and league sources stated.

It isn’t clear what recourse the Jaguars may need to recoup the losses. Underneath federal legislation, FanDuel has an obligation to ensure funds used for sports activities betting have been legally obtained, however the laws are murkier for day by day fantasy.

“Playing websites have an obligation to carry out ‘Anti-Cash Laundering’ and ‘Know Your Consumer’ procedures to make sure they don’t onboard funds of a bootleg origin,” stated Stephen Bell, an lawyer who practices in white-collar legal circumstances. “The place the scale of a buyer’s bets far outweighs their earnings, crimson flags are current and may require extra due diligence to substantiate the funds are clear.”

On-line information present Patel was a high-stakes and high-volume day by day fantasy participant on FanDuel and DraftKings, each of that are official betting companions of the NFL. Patel performed day by day fantasy sports activities way back to 2017, the information present, and his play escalated in 2021 and 2022. ESPN beforehand reported that Patel performed day by day fantasy beneath the username “ParlayPicker” and was believed to have racked up huge losses enjoying towards elite competitors in contests with buy-ins upward of $24,000.

One veteran day by day fantasy participant advised ESPN on situation of anonymity that they consider ParlayPicker is “the most important loser ever on FanDuel.”

“He was legendarily unhealthy,” the individual stated.

Federal authorities say Patel lived an extravagant way of life whereas employed with the Jaguars that included chartering non-public jets, reserving luxurious accommodations, buying a number of automobiles and buying cryptocurrency, a rustic membership membership, spa remedies and a wristwatch that price greater than $95,000.

Co-workers assumed Patel’s household was rich. One former staff worker stated they keep in mind seeing Patel’s lavish way of life on his social media accounts, which he has since deleted.

“I keep in mind on Instagram he was taking baller-style journeys on a regular basis. Within the Hamptons, Miami, residing a big life. Bottle service at golf equipment,” the previous worker stated. “There was no means he may have afforded the approach to life based mostly on the Jaguar wage.”

In a Dec. 7 assertion, Patel’s lawyer, Alex King, denied that Patel funded his way of life with the stolen cash and stated his dwelling and automobile have been purchased with household or earned cash.

“Mr. Patel didn’t use the Jaguars’ VCC to fund his way of life, however in a horribly misguided effort to pay again earlier playing losses,” King stated.

Patel stated throughout a December court docket look that he has a “playing dysfunction” and is seeing a therapist weekly for therapy. He stated he underwent therapy for alcohol and substance abuse from March to June final 12 months.

ESPN’s Michael DiRocco contributed to this report.