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Famed Pro Sports Bettor Lem Banker Gets Swindled

Written by:
Guest
Published on:
Jun/07/2010
Lem Banker

Lem Banker is considered one of the most famous sports betting touts in the world.  This weekend he claims that thieves made off with more than $3 million worth of coins, cash and jewelry from his safety deposit boxes.

Banker, now 83, claims he has been picked clean by those closest to him. 

"The deception, what they did to me, is heartbreaking," Banker tells Las Vegas news station KLAS.

Two years ago, he underwent open heart surgery and signed papers allowing his grandson Jonathan Ribaste access to his safety deposit boxes in the event he didn't survive.

Following the death of Lem's wife, the looting began.

"Everything was going to go to them anyway but they ended up stealing the whole thing," Banker said.

The first clue was noticed by Banker's longtime assistant Juan Carvalo who said the checking accounts were out of whack. They discovered that the small checks Banker wrote to support his daughter were cashed for far more money than what he thought he was okaying. Hundreds of dollars had become thousands of dollars.

"She'd put down $100 dollars and then take $8,000 out. It was close to $40,000 they swindled me out of."

The million dollar jewelry was sold in Los Angeles for a mere $42,000.

Jonathan Ribaste, whose father is Kansas City mob associate Pete Ribaste, a member of Nevada's Black Book, admits he took the gold coins to pay gambling debts, that he was out of his mind for a time, but denies there was any cash taken.

Metro police are investigating the claims, though no charges are yet to be filed.  Police believe this will eventually turn into a civil case.

Gambling911.com Staff

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