[AusRace] caveat emptor

[L.B.Loveday]

Racing figure guilty of $18m betting fraud

*	By Benita Kolovos
*	Australian Associated Press
*	1:54PM September 30, 2019

Fallen Victorian racing identity Bill Vlahos has admitted to defrauding
punters of almost $18 million across five years in a complex betting ring
fraud.

The 54-year-old pleaded guilty in the County Court on Monday to two charges
of obtaining financial advantage by deception between 2008 and 2013.

Vlahos was initially charged with more than 350 offences but prosecutors
withdrew multiple counts of obtaining financial advantage by deception and
one count of attempting to destroy documents to be used as evidence.

This meant a reduction in the amount of money he was accused of scamming
from $120 million to $17,520,225.

More than 1000 people poured money into Vlahos' syndicate with the promise
of big returns.

The court heard the former BC3 Thoroughbreds chairman would supply gamblers
with 'bet sheets' representing the horses upon which bets were placed, but
put the money into his personal bank account instead.

The syndicate collapsed in December 2013 when punters wanted to cash out.

Prosecutors expect about 68 victims will provide statements to the court
detailing the effect the scam has had on their lives.

Vlahos's bail was extended until a two-day pre-sentence hearing starting on
February 4 before Judge Douglas Trapnell.

His lawyer said his former high-flying client was now broke and did not have
the means to be considered a flight risk.

 

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