Another Australian racing Ponzi scheme

It's happened again (see pinned article above from a few years ago), but this time it's a lawyer that's the (alleged) crook!

Law firm under investigation over bookies’ missing millions

snippet

The Victorian Bookmakers’ Association oversees a $10 million fund on behalf of its members, with about 20 per cent loaned out by AMS Ivanhoe to Melbourne first mortgagors. A source close to the bookmakers estimated at least $20 million in additional private investments had disappeared alongside $1.8 million from the association.

The bookmakers’ association fears its $1.8 million investment is gone days before the biggest events on the spring racing calendar, including the Melbourne Cup, while one private investor could also be out of pocket an estimated $11 million.

Apparently this has only come to light after the lawyer involved has died (although other reports suggest a death certificate hasn't yet been seen).

More details in this RSN podcast.

So rather than being a genius tipping scheme like the Bill Vlahos case, this one has a lawyer effectively become a mortgage broker, guaranteeing huge returns and then the incoming investment dries up...

Bookies hit by missing millions

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