People v. Stein

Twenty-one individuals invested money with defendants and became shareholders in a pool designated “ Seniors Defendant Walter Stein believed that he had devised a handicapping system, which, if used as a basis for daily bets on horse races, would procure sure winnings for the participants. Of the persons intrigued by defendants’ get rich quick system, some were close relatives, others were clients of defendant Walter Stein’s accounting firm, and still others were neighbors or friends.

Wagers were made from day to day by the three defendants on a large number of horses running in separate races…