Australia: Mastermind Of Wagering Club Ponzi Scheme Sentenced To Nine Years In Prison – Horse Racing News
On Friday, County Court Judge Douglas Trapnell sentenced Australian horse racing identity Bill Vlahos to nine years in prison for his role in leading a Ponzi Scheme that swindled investors out of $17,520,224, reports abc.net.au. Vlahos scammed 1,800 investors across 61 different syndicates out of their money by making them believe he had a statistical formula for picking winners.
Instead, Vlahos used the funds to bring additional individuals into the scheme as well as to fund his own extravagant lifestyle.
Vlahos initially faced 347 charges, but ultimately pleaded to two counts of obtaining financial advantage by deception.
“Through your pernicious greed and insatiable desire for personal affirmation, you destroyed the lives and financial security of your family, friends and associates,” said Judge Trapnell. “It is clear you must have known the impact you’ve had … yet you continued your deceptive scheme, unrelenting and unrepentant. The audaciousness of your behavior is breathtaking.”
Read more at abc.net.au.