The federal government has indicted Larry and Dixie Masino, owners of Racetrack Bingo in Fort Walton Beach, on charges of conspiracy to commit fraud, illegal gambling and the theft of millions of dollars from local charities. They were arraigned Monday in U.S. District Court in Pensacola and are scheduled to face the charges April 18.
According to the indictment, Racetrack Bingo Inc. was an illegal gambling business in violation of Florida law because the Masinos compensated themselves and their employees, instead of using bona fide charity members, to run bingo games. By law, those proceeds should have gone to the charities. The indictment also alleges that Larry and Dixie Masino conspired to launder more than $5.8 million in proceeds of their illegal bingo operation through the deposit of profit distribution checks from Racetrack Bingo Inc.
Larry Masino faces 18 counts of depositing profits obtained through illegal activities into a “profit distribution†account that benefited him, Dixie and their three children. The total he deposited was $661,610, according to the indictment. Dixie Masino faces 21 counts of money laundering. She deposited 21 checks, totaling $741,850, into the profit distribution account, the indictment alleges.
This case resulted from a joint investigation by 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. Kim is prosecuting the case.
An indictment is merely an allegation by a grand jury that a defendant has committed a violation of federal criminal law and is not evidence of guilt. All defendants are presumed innocent and entitled to a fair trial, during which it will be the government’s burden to prove guilt beyond a reasonable doubt at trial.
