Nevada’s ill-fated experiment with so-called ‘entity betting’ has resulted in still more federal charges against another crop of con men.

On Monday, the US Attorney for the District of Nevada announced the indictment of Las Vegas residents John Frank Thomas III and Thomas Joseph Becker on a single count of conspiracy to commit wire fraud and 13 counts of wire fraud in relation to a pyramid scheme posing as a sports betting investment business.

The dastardly duo ran a number of purported betting-based investment funds – which bore names such as Einstein Sports Advisory, Wellington Sports Club, Vegas Football Club and Welscorp Inc – that promised “unlimited riches” for investors thanks to the duo’s claimed wagering skillz.

While the duo claimed to have “special insights” into the sports world that could produce betting returns averaging 140%, the duo didn’t actually place any bets with the millions they received from their marks.