Stanley Tomchin, a prominent name in the sports betting community, reached a plea deal Tuesday to settle a 2012 indictment that charged him with 56 gambling-related felonies and named him as an owner of online sportsbook PinnacleSports.com.
All 56 felony charges were dismissed Tuesday morning, according to Tomchin’s legal team, Ifrah Law.
Tomchin pleaded guilty to sixth degree conspiracy, a class B misdemeanor and the least serious category of crime under New York State law. He received no jail time or probation supervision, quite the change from the 25 years in prison he faced from the original charges.
A California philanthropist, Tomchin was one of 25 people indicted on Oct. 25, 2012, by New York officials as part of what authorities described as an illegal sports betting operation profited by more than $50 million during an 18-month period.
Tomchin, along with George Molsbarger and Brant England, were accused by New York authorities of being the owners of PinnacleSports.com, one of the biggest offshore sportsbooks. Authorities claimed the operation made more than $50 million in an 18-month period taking sports bets.
“The District Attorney’s Office began this case with an exaggerated press statement that sought to portray Mr. Tomchin as a gangster kingpin,” said attorney David Deitch. “Their willingness to resolve the case with a plea to a class B misdemeanor shows that those claims were no more than a smoke and mirrors façade designed to hide a case with weak evidence.”