Chief Stipe Posted November 1, 2023 Share Posted November 1, 2023 Bookies hit by missing millions In a week where millions of dollars are wagered on the world’s best horses that grace our turf, it takes a fair yarn to grab the attention of the racing world. Sadly, it’s a tale where many stand to lose millions of their hard earned, in what appears to be a scheme worthy of a Netflix drama. Racing identities, bookies and sports stars are all chasing huge sums of money – not to mention the Victorian Bookmakers Association who are chasing around $1.8 million – invested into to what has been reported as a sophisticated and until now, undetected Ponzi scheme. Racing.com has been told there are several Victorian based bookies who ‘invested’ millions – including one who stands to lose $4 million alone. Legendary racing author and journalist, Andrew Rule, wrote in Wednesday’s Herald Sun that one prominent racing family has lost at least $5 million. There are rumours a family trust connected to a former racing identity that has lost more than $10 million. Racing.com has been told there are others, some linked to racing, who have done smaller amounts, but money intrinsically linked to their ability to retire. Rule also writes that footballers, lawyers and likely others who are yet to come forward are also chasing their monies. The loses, if the money is never returned, will likely run into the tens of millions. The saga centers on former lawyer John Bernard Adams, who died recently. Adams, it has been alleged, chased investors promising strong returns on their investments from his Ivanhoe practice. Rule, in the Herald Sun, details other quite incredible actions surrounding key documents post Adam’s death that seemed to indicate to investors that major problems were about to emerge. Adam’s relationship to racing is not completely clear, but he had strong connections to a number of football clubs. What happens next will be fascinating. Incredibly, Victoria Police could not even confirm to racing.com they were investigating the matter. Rule did note the Victorian Legal Services Board is investigating, with the assistance of police. Racing Victoria said the finances of the VBA were regularly checked and despite their missing money, could continue to operate. Racing.com is not accusing the VBA of any wrongdoing and has been told that the investment by the VBA, and likely by many others, seemed legitimate on paper. “As part of our licensing process, we conduct an annual check of each Victorian bookmaker’s assets in accordance with our Bookmaker Licence Rules to ensure their financial suitability to operate,” the RV statement said. "Whilst our advice from the VBA is that they do not expect this incident to affect the operations of individual members, we will undertake an additional review to best understand any potential impacts.” What happens next will be a fascinating, and for some distressing, tale of unpicking what appears to be decades on investments by trusted clients into a scheme that appears to be quickly unravelling. Quote Link to comment Share on other sites More sharing options...
holy ravioli Posted November 6, 2023 Share Posted November 6, 2023 Only 10 years ago... Melbourne racing identity Bill Vlahos jailed for nine years for $17.5m punting Ponzi scheme - ABC News Quote Link to comment Share on other sites More sharing options...
Rangatira Posted November 19, 2023 Share Posted November 19, 2023 1976 the daddy of em all. Quote Link to comment Share on other sites More sharing options...
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