The scandal is well and truly exposed now and with every new article published, we learn how much of a conman Bill Vlahos is. No degree from La Trobe Uni, no Westpac bank account containing millions, more and more ties with the shady element of society, more bills unpaid....
Bill Vlahos claims The Edge owes him $32m
Apparently the fund owes Bill money. Yeah, that excuse will fly... Not surprisingly, Vlahos has declared himself bankrupt.
David Hayes admits victims stung in Bill Vlahos punting club scandal must move on
As someone who has been caught in a Ponzi scheme ruse before (the Michael Bastion share market con), David Hayes has some pertinent advice for victims of Vlahos and The Edge.
Bill Vlahos company ties to underworld figure
Well, there's a shock. He's been accused of laundering tens of millions of dollars of bikie money through the scheme, so it was long odds-on there'd be strong personal ties identified somewhere.
Debts may force The Edge investors to sell up
"The accountant said most of the members were living the high life while they were receiving email updates showing their funds ballooning.
"Nobody is a squirrel. I never met anyone that was making money who didn't spend it," he said."
Surely an accountant (this one is said to have invested heavily in the scheme) should be able to do some maths before investing and work out what a scam it was? Which breakfast cereal packet did you get your qualification out of??
Investors count the cost as Bill Vlahos' racing bets club collapses
"On June 15 this year, racing identity Bill Vlahos claimed his punters club, The Edge, staked $13.8 million, including more than $8 million in Melbourne.
In a betting sheet sent to members, Mr Vlahos said he had backed the favourite in the second at Moonee Valley, Mr Make Believe, to the tune of $1.8 million. It finished last.
While Mr Vlahos claimed The Edge was down $6.7 million that day, over the longer term he boasted of returns of up to 218 per cent a year."
Here are some prime examples of why The Edge was a complete scam.
- Getting a return 218% over the course of a year, but investing more than $10 million per day. Simply impossible. Zeljko Ranogajec and his team who actually did their homework and exploited market inefficiencies and pool rebates, would not have expected an 18% profit (118% annual return).
- $1.8 million was supposedly bet on Mr Make Believe. The official betting fluctuations for the horse were opened $2.30, drifted to $3.20, firmed slightly to $3.10. There was only $184,360.60 in the Vic TAB win pool for that race, the home TAB and almost certainly the largest pool in the country, where it closed at $3. Without knowing the hold of the corporate bookies or looking up the interstate TABs, it's pretty obvious that $1.8m would have been more than the ENTIRE NATION staked on that race. By my rough calculations, just $50k, less than 3% of the alleged investment, would have sent the TAB price tumbling into odds-on.
Dollar Bill and The Sting
Seedy, seedy tales - the more you hear, you just ask yourself why didn't anybody notice?
Police, realtors, and VRC employee among punters' club members
Anyone and everyone was getting pulled into the scheme - anyone who didn't understand the maths of betting was a target. Actually, it was a Racing Victoria Ltd employee who invested (before he joined the organisation), not VRC as per the headline.
Bill Vlahos and his reckless punting had been stuff of racing legend - until now
It turns out Vlahos did actually bet himself (I have had this confirmed by a couple of firms)... and he was one of those accounts likely to have a big flashing light on it "MUG - let him on for whatever he wants".
Will the real Bill Vlahos please stand up?
"I was at the races one day with a mate of mine who is an accountant. We went up to have a bet and Bill Vlahos was coming the other way," said the (former accomplished) jockey.
"I said 'what are you backing?' and he said 'I'm having $2000 on this'. I said fair enough and asked could I have a look at his market. He had the horse a lot, lot shorter than me.
"I asked him how could he get it so short. He said 'I do this, that, this, that and that'. I asked my mate if he could work it out. He said 'f. k, it's beyond me'. Both of us still don't know what he was talking about."
Perhaps Vlahos himself provides the best clue as to the chances of success with The Edge, at least long-term. A recent e-mail from him to his members is titled Goodluck@fingerscrossed.com.au, hardly confidence building but seemingly prophetic.
Vlahos money trail probed
We are still yet to see any evidence that his 'Dubai-based business partner Daniel Maxwell' actually exists.
Racing Victoria issues statement to clarify status of BC3-owned racehorses
The 16% share in Belle Couture, the half-sister to Black Caviar, has been transferred to a new owner for an undisclosed sum.
The facts regarding BC3, Inglis and Jimmy
'Jimmy' the $5m colt is still recovering from laminitis at Werribee Veterinary Hospital. It is doubtful he will ever race, and if he does survive, he might be worth $1m if he can still go to stud. Inglis will have to cop a major loss here, but like any company, that's a business risk you have to take in order to operate.
Bill Vlahos claims The Edge owes him $32m
Apparently the fund owes Bill money. Yeah, that excuse will fly... Not surprisingly, Vlahos has declared himself bankrupt.
David Hayes admits victims stung in Bill Vlahos punting club scandal must move on
As someone who has been caught in a Ponzi scheme ruse before (the Michael Bastion share market con), David Hayes has some pertinent advice for victims of Vlahos and The Edge.
Bill Vlahos company ties to underworld figure
Well, there's a shock. He's been accused of laundering tens of millions of dollars of bikie money through the scheme, so it was long odds-on there'd be strong personal ties identified somewhere.
Debts may force The Edge investors to sell up
"The accountant said most of the members were living the high life while they were receiving email updates showing their funds ballooning.
"Nobody is a squirrel. I never met anyone that was making money who didn't spend it," he said."
Surely an accountant (this one is said to have invested heavily in the scheme) should be able to do some maths before investing and work out what a scam it was? Which breakfast cereal packet did you get your qualification out of??
Investors count the cost as Bill Vlahos' racing bets club collapses
"On June 15 this year, racing identity Bill Vlahos claimed his punters club, The Edge, staked $13.8 million, including more than $8 million in Melbourne.
In a betting sheet sent to members, Mr Vlahos said he had backed the favourite in the second at Moonee Valley, Mr Make Believe, to the tune of $1.8 million. It finished last.
While Mr Vlahos claimed The Edge was down $6.7 million that day, over the longer term he boasted of returns of up to 218 per cent a year."
Here are some prime examples of why The Edge was a complete scam.
- Getting a return 218% over the course of a year, but investing more than $10 million per day. Simply impossible. Zeljko Ranogajec and his team who actually did their homework and exploited market inefficiencies and pool rebates, would not have expected an 18% profit (118% annual return).
- $1.8 million was supposedly bet on Mr Make Believe. The official betting fluctuations for the horse were opened $2.30, drifted to $3.20, firmed slightly to $3.10. There was only $184,360.60 in the Vic TAB win pool for that race, the home TAB and almost certainly the largest pool in the country, where it closed at $3. Without knowing the hold of the corporate bookies or looking up the interstate TABs, it's pretty obvious that $1.8m would have been more than the ENTIRE NATION staked on that race. By my rough calculations, just $50k, less than 3% of the alleged investment, would have sent the TAB price tumbling into odds-on.
Dollar Bill and The Sting
Seedy, seedy tales - the more you hear, you just ask yourself why didn't anybody notice?
Police, realtors, and VRC employee among punters' club members
Anyone and everyone was getting pulled into the scheme - anyone who didn't understand the maths of betting was a target. Actually, it was a Racing Victoria Ltd employee who invested (before he joined the organisation), not VRC as per the headline.
Bill Vlahos and his reckless punting had been stuff of racing legend - until now
It turns out Vlahos did actually bet himself (I have had this confirmed by a couple of firms)... and he was one of those accounts likely to have a big flashing light on it "MUG - let him on for whatever he wants".
Will the real Bill Vlahos please stand up?
"I was at the races one day with a mate of mine who is an accountant. We went up to have a bet and Bill Vlahos was coming the other way," said the (former accomplished) jockey.
"I said 'what are you backing?' and he said 'I'm having $2000 on this'. I said fair enough and asked could I have a look at his market. He had the horse a lot, lot shorter than me.
"I asked him how could he get it so short. He said 'I do this, that, this, that and that'. I asked my mate if he could work it out. He said 'f. k, it's beyond me'. Both of us still don't know what he was talking about."
Perhaps Vlahos himself provides the best clue as to the chances of success with The Edge, at least long-term. A recent e-mail from him to his members is titled Goodluck@fingerscrossed.com.au, hardly confidence building but seemingly prophetic.
Vlahos money trail probed
We are still yet to see any evidence that his 'Dubai-based business partner Daniel Maxwell' actually exists.
Racing Victoria issues statement to clarify status of BC3-owned racehorses
The 16% share in Belle Couture, the half-sister to Black Caviar, has been transferred to a new owner for an undisclosed sum.
The facts regarding BC3, Inglis and Jimmy
'Jimmy' the $5m colt is still recovering from laminitis at Werribee Veterinary Hospital. It is doubtful he will ever race, and if he does survive, he might be worth $1m if he can still go to stud. Inglis will have to cop a major loss here, but like any company, that's a business risk you have to take in order to operate.
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