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</o:shapelayout></xml><![endif]--></head><body lang=EN-AU link=blue vlink=purple><div class=WordSection1><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span style='font-size:24.0pt;mso-fareast-language:EN-AU'>Racing figure guilty of $18m betting fraud<o:p></o:p></span></b></p><ul type=disc><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1'><span style='mso-fareast-language:EN-AU'>By <b>Benita Kolovos</b><o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1'><span style='mso-fareast-language:EN-AU'>Australian Associated Press<o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo1'><span style='mso-fareast-language:EN-AU'>1:54PM September 30, 2019<o:p></o:p></span></li></ul><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>Fallen Victorian racing identity Bill Vlahos has admitted to defrauding punters of almost $18 million across five years in a complex betting ring fraud.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>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.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>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.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>This meant a reduction in the amount of money he was accused of scamming from $120 million to $17,520,225.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>More than 1000 people poured money into Vlahos' syndicate with the promise of big returns.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>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.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>The syndicate collapsed in December 2013 when punters wanted to cash out.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>Prosecutors expect about 68 victims will provide statements to the court detailing the effect the scam has had on their lives.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>Vlahos's bail was extended until a two-day pre-sentence hearing starting on February 4 before Judge Douglas Trapnell.<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='mso-fareast-language:EN-AU'>His lawyer said his former high-flying client was now broke and did not have the means to be considered a flight risk.<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p></div></body></html>