Bill Vlahos, who is alleged to have defrauded members of a failed punting scheme for about A$129-million, has been charged with more than 300 counts of illegally obtaining those funds, according to published reports. Vlahos's fraudulent betting syndicate, The Edge, collapsed in 2013 when some of the club's at least 1500 members wanted to cash out. Investors believed The Edge was earning them up to 25% annual returns, and some lost more than A$1-million.
Also collapsing when The Edge was found out was Vlahos's BC3 Thoroughbreds, which had bid an Australian record A$5-million on a half-brother to Black Caviar at the Inglis Easter sale in 2013 but never settled the deal. That colt later died before he reached the racetrack due to an adverse reaction to antibiotics for a spider bite treatment.
Vlahos is due to appear in court Nov. 23.
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