Ex-College Player Admits $1.16M Stake.com Fraud Scheme
A former college basketball player pleaded guilty to funneling $1.16 million in crypto fraud losses through Stake.com, prosecutors say.
A Stake.com fraud case tied to a former college basketball player has ended in a guilty plea. Elmin Redzepagic, who played for Southern Connecticut State University, admitted funneling $1,159,945 in investor money through the offshore casino between 2021 and 2025, according to Casino.org. He faces sentencing on January 11, 2027.
- Elmin Redzepagic, 25, pleaded guilty Monday before a federal judge in Bridgeport, Connecticut.
- Prosecutors say the Stake.com fraud caused $1,159,945 in losses to more than 10 victims.
- The scheme ran from May 2021 to March 2025 and used Stake.com to move and gamble away funds.
- He pleaded guilty to two wire fraud counts, one money laundering count, and one false statement count.
- Sentencing is scheduled for January 11, 2027; he remains free on a $500,000 bond.
What happened in the Stake.com fraud case?
A Stake.com fraud scheme run by a former college basketball player has ended in a federal guilty plea. Elmin Redzepagic, 25, admitted siphoning crypto investors' money into the offshore casino and gambling much of it away.
Casino.org reports he entered the plea Monday before US District Judge Kari A. Dooley in Bridgeport, Connecticut. The case stems from a scam that ran for nearly four years while he was still a college athlete.
Redzepagic played for Southern Connecticut State University, appearing in 31 games between 2019 and 2023. He averaged 1.7 points per game, according to the US Attorney's Office for the District of Connecticut, which built the case against him.
How did the investment scam work?
Prosecutors say Redzepagic posed as a successful crypto trader between May 2021 and March 2025. He claimed to work with a mysterious figure called 'The Chef,' who supposedly decided how profits got split among investors.
Victims were told their money had grown substantially. But before they could withdraw any gains, Redzepagic allegedly demanded extra 'gas fees' — a real crypto term he used as a cover story to squeeze out more cash from people who trusted him.
Instead of trading on their behalf, Casino.org reports he moved the funds onto Stake.com. He used the platform to hold proceeds, generate Bitcoin addresses, and make small 'lulling payments' that kept victims believing the investment was legitimate.
Those lulling payments let the scheme continue for years. Meanwhile, according to prosecutors, Redzepagic kept gambling the bulk of the money away on the offshore site rather than reinvesting it anywhere.
Why did the loss figure grow since the indictment?
When Casino.org first reported Redzepagic's indictment in February, he denied any wrongdoing. Prosecutors at that time estimated losses around $950,000.
By the time of Monday's guilty plea, that figure had grown to $1,159,945 across more than 10 victims. The increase reflects additional losses uncovered as the investigation moved forward.
A federal grand jury had originally charged him with 21 offenses. That list included seven counts of wire fraud, 11 counts of international money laundering, and three false-statement counts.
He pleaded guilty to a reduced set of charges: two wire fraud counts, one money laundering count, and one false statement count. That last charge traces back to a September 2023 interview with IRS Criminal Investigation agents, during which he reportedly denied still using an offshore gambling site and invented a man named 'Greg' who supposedly doubled investors' money. Investigators determined Greg did not exist.
What happens next for Redzepagic?
The wire fraud and money laundering counts each carry a statutory maximum of 20 years in prison. The false statement count adds up to five more years, according to prosecutors.
Redzepagic was arrested on February 12 and remains free on a $500,000 bond. Sentencing is set for January 11, 2027, per the US Attorney's Office for the District of Connecticut.
What it means for players
This case is a reminder that offshore platforms like Stake.com sit outside US regulation, which is exactly why they can get used to launder stolen money with little oversight. Anyone asked to send 'gas fees' or extra payments before a crypto withdrawal should treat that as a red flag, wherever they play. Sticking to regulated sites and tracking your own bankroll carefully, using tools like a session tracker, keeps your money visible and accounted for rather than disappearing into an account you cannot verify.
More on Lifes a Gambol: bankroll management guide.
Frequently asked
Who is Elmin Redzepagic?
He is a 25-year-old former Southern Connecticut State University basketball player from Wolcott, Connecticut. He pleaded guilty to federal fraud and money laundering charges tied to a crypto investment scheme routed through Stake.com.
How much money did the Stake.com fraud scheme lose?
Prosecutors say Redzepagic caused $1,159,945 in losses to more than 10 victims, according to Casino.org. That figure rose from an earlier estimate of about $950,000 cited at the time of his February indictment.
What charges did he plead guilty to?
He pleaded guilty to two counts of wire fraud, one count of international money laundering, and one count of making a false statement to federal investigators.
When will he be sentenced?
Sentencing is scheduled for January 11, 2027. He remains free on a $500,000 bond until then, per the US Attorney's Office for the District of Connecticut.