ATLANTA - An Atlanta man appeared in court Tuesday after allegedly participating in a faux fantasy football scheme that scammed investors out of $500,000, authorities said.
Timothy Cobb, 53, used his company, Skyboxx Sports, LLC, to raise money to start a fantasy football league partnered with the Georgia Lottery Corporation, the Fulton County District Attorney’s Office said in a news release.
Instead of using the money he raised to complete the business venture, he allegedly went on personal trips to Barbados and Mexico City, the release said. He’s accused of also using the money to dine in Atlanta, Miami Beach and New York in addition to buying other personal items.
Cobb is also accused of filing false federal income tax returns that “deliberately omitted the information he stole from his investors,” the release said.
He faces wire and tax fraud charges, the release said.
The Internal Revenue Service’s Criminal Investigation Division is investigating the incident.
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