Executive Summary
Laws and Precedent
A federal forfeiture action has resulted in the remission of over $2.8 million in unlawfully retained bingo profits to ten Okaloosa County charities, U.S. Attorney John P. Heekin for the Northern District of Florida announced today. The funds were seized from Larry and Dixie Masino, who were federally prosecuted for illegal gambling and money laundering charges related to their operation of Racetrack Bingo. This action aims to compensate victims and ensure criminals cannot benefit from their illicit gains.
Between 2006 and 2015, the Masino family illegally retained and laundered more than $5.8 million through their ownership and operation of Racetrack Bingo. Their scheme involved personally profiting from the gambling establishment, which was ostensibly operating for charitable purposes. The couple faced federal charges that led to their conviction and sentencing.
As part of their sentences, the Masinos were ordered to forfeit substantial assets, including money from bank accounts and three real properties. These forfeited assets were subsequently converted into the more than $2.8 million now being distributed among the non-profit organizations. This restitution effort underscores the Department of Justice’s commitment to victim compensation.
Statements from Officials
U.S. Attorney Heekin emphasized his office’s dedication to justice. “Victims of crime too often suffer losses at the hands of criminals that cannot ever be restored,” Heekin stated, “but my office is committed to taking action to ensure those offenders cannot reap or retain the benefits of their wrongdoing, and we will remit the proceeds of those forfeitures whenever possible to compensate victims to the greatest extent.”
Sheriff Eric Aden of Okaloosa County lauded the outcome. “This long-awaited justice not only holds the perpetrators accountable but also restores vital resources to organizations that uplift our community,” Sheriff Aden remarked. Special Agent in Charge Ron Loecker of IRS Criminal Investigation Tampa Field Office also commented on the betrayal, stating, “Through financial fraud, Larry and Dixie Masino betrayed charities providing important services to their communities.”
Investigation Details
The successful forfeiture actions were the culmination of a joint investigation by multiple law enforcement agencies. These included the Florida Department of Law Enforcement, the Internal Revenue Service-Criminal Investigation, the Federal Bureau of Investigation, and the Okaloosa County Sheriff’s Office. Assistant United States Attorney Alicia H. Forbes prosecuted the case, bringing the Masinos to justice.
The remission of over $2.8 million to Okaloosa County charities marks a significant step in rectifying financial harms caused by illegal gambling and money laundering. This case highlights the collaborative efforts of federal and local law enforcement in holding criminals accountable and ensuring that illicit profits are returned to the community they defrauded.
