Former Leading Minnesota Horse Owner Charged With Wire Fraud In Alleged Ponzi Scheme

Jason D. Bullard, whose Empire Racing Stables was a leading owner at Minnesota's Canterbury Park from 2016-'21, has been charged with wire fraud in connection with an alleged Ponzi scheme federal authorities said defrauded investors out of millions of dollars.

The scheme was uncovered in 2021 by the Securities and Exchange Commission, which froze the assets of Bullard Enterprises LLC, operated by Bullard and his wife, Angela Romero-Bullard. The SEC alleged at the time that the Bullards raised approximately $17.6 million – much of it from friends and relatives – and falsely stated the funds would be used to trade foreign currencies.

Instead, the SEC alleged, they used some of the money on personal expenses – including their racing stable – and distributed false statements to investors saying their investments were increasing in value. New money raised was used to pay the false “returns,” the SEC said.

The March 31 information document charging Jason Bullard said during the relevant time of the scheme – from 2014 to 2021 – he was not licensed or registered with a regulatory agency to solicit or invest funds from others.

“Bullard lied to investors in communications sent to investors that purported to describe the balances and activity in investors' accounts,” the information sheet alleges. “In fact, these statements to investors were meant to encourage further investment and to keep investors from learning the truth and to allow Bullard to continue the fraudulent scheme.”

As a result of the one count of wire fraud, authorities said Bullard is required to forfeit “any property, real or personal, which constitutes or is derived from proceeds traceable” to the federal criminal code violations.

Empire Racing Stables won 147 races from 734 starts for earnings of $2,446,965 from 2016-'21. In 2019, Empire Racing Stables tied for the leading owner title, with 32 wins from 104 starts and earnings of $471,088.

Shortly after the SEC charged Bullard Enterprises with the Ponzi scheme, the Minnesota Racing Commission summarily suspended the ownership license of Jason Bullard and control of the stable's horses was turned over to a court-ordered receiver.

The case is being heard in U.S. District Court, District of Minnesota.

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Munnings Colt Tops Opening Day Of The Tattersalls Craven Breeze Up Sale

The demand for high-end horses remained strong on Day 1 of the Tattersalls Craven Breeze Up Sale as a Munnings colt (lot 47) consigned by Longways Stables led proceedings when selling to Oliver St Lawrence for 360,000gns.

Bought by Ted Durcan and Mick and Sarah Murphy of Longways Stables for $150,000 at the Keeneland September Sale, the Munnings colt turned a handsome profit and will join trainer Roger Varian.

“He's a very taking horse and Roger and I were keen on him,” St Lawrence said. “He looks like a horse who could go to Royal Ascot. We'll see, we've had luck with Munnings before. He did a perfectly-nice time and Mick seems to bring them along nicely.”

Varian was keen to compliment the job Mick and Sarah Murphy, no strangers to topping major breeze-up sales, did with the colt.

The trainer said, “He was presented in good condition, wasn't he? They didn't overcook him. He looks a strong horse so hopefully we can get him home and see where we go with him.”

Of the 86 lots offered on day one, which was 19 more than what was offered on this corresponding day 12 months ago, 59 were knocked down for an aggregate of 6,495,500gns. That represented a 3% rise on last year's figures. However, the average fell 9% to 110,093gns and the clearance rate by 12% to 69%. The median also decreased by 10% to 77,000gns.

 

 

Top Talking Points From Day One Of The Craven Breeze Up Sale

  • The momentum behind first-season sire Blue Point (Ire) continued with four horses selling for a combined sum of 565,000gns, including a standout Tally-Ho Stud-drafted colt (lot 30) by the stallion who was knocked down to Anthony Stroud for 340,000gns. In fact, Blue Point was the most successful sire on the day, ahead of Starspanglebanner (Aus), who had three lots sell for 474,000gns and a higher average of 158,000gns.
  • It was another productive breeze-up sale for Tally-Ho Stud, vendors of Lezoo (GB), The Platinum Queen (Ire) and Perfect Power (Ire) to name a few. The three juveniles offered by the renowned operation sold for a combined 630,000gns.
  • Tally-Ho Stud's fingerprints were also all over the breakout success of Gary Halpin and Sean Davis, who are consigning for the first year under GS Bloodstock. The two men bought lot 101, a Cotai Glory (GB) colt from the family of Fairyland (Ire) (Kodiac {GB}) off the stud for €65,000 at Tattersalls Ireland, and sold him to Michael O'Callaghan for 160,00gns on Tuesday.
  • Norman Williamson also enjoyed a predictably good start to the opening day's trade. The Oak Tree Farm operator, who gave us Classic winners Native Trail (GB) (Oasis Dream {GB}) and Eldar Eldarov (GB) (Dubawi {Ire}), sold a Mehmas (Ire) colt (lot 2) for 220,000gns to Tom Pritchard-Gordon of Badgers Bloodstock to go to Hong Kong.
  • Nikki Scallan and Antonio Da Silva, who operate under the banner of A & N Bloodstock, enjoyed their best result in the sales ring to date when lot 12, an Acclamation (GB) colt, sold to Leinster Bloodstock for 220,000gns. The £38,000 yearling purchase proved a shrewd investment for the Curragh handlers.
  • Willie Browne doesn't wear the title as the breeze-up king for no reason and his Mocklershill outfit ended the day as the leading consignor with four lots selling for 812,000gns, including a 320,000gns Starspangledbanner (Aus) colt to Richard Ryan acting agent for MV Magnier.
  • The only Farhh (GB) colt (lot 59) in the sale went down a bomb in selling to Blandford Bloodstock and Joseph O'Brien for 235,000gns. He was purchased by Eddie Linehan of Lackendarra Stables for 105,000gns at Book 2 and was also consigned by the Cork native.

 

Market Commentary: John Cullinan Reports “Tough Night's Business”

Despite selling a Blue Point (Ire) colt (lot 100) for 130,000gns and a Showcasing (GB) colt (lot 31) for 100,000gns, John Cullinan reported a tricky trade for horses operating in the middle market after buying back two of his eight horses on day one.

Cullinan, who consigns under Church Farm and Horse Park Stud, described what was “tough going” for horses selling outside of the top bracket.

He explained, “It was a mixed bag-a tough night's business for some people. It's the first domestic sale of the year and people may tend to be a bit more reserved maybe.

“The middle market was tough going and even at that it was very selective. If you were lucky enough to have one that people wanted, you got well-paid but, for the rest of us, it was hard going.”

He added, “Our nicer horses did okay but we fell on our arses with the weaker ones. We had what we thought were a few suitable types for the middle market but it was tricky.

“We sold a Blue Point colt for 130,000gns and a Showcasing for 100,000gns, so that was fine, but everything in between was tough going.”

Searching for reasons why the clearance rate dropped from 78% 12 months ago to 69% on Tuesday, Cullinan suggested the breeze taking place on softer than ideal conditions may have played a role.

He said, “I don't think the ground helped. When the breeze is on soft ground, it adds another dimension into the buyers' thought process. I think it made things a little uncertain and maybe there was a lack of confidence because of that. We'll see. Hopefully it picks up tomorrow.”

 

Tally-Ho To The Fore With Blue Point Colt

On a day when Blue Storm (GB) provided Blue Point (Ire) with his third individual winner in taking fashion at Newmarket, just a few miles down the road, the freshman sire's reputation hardened further.

Anthony Stroud went to 340,000gns for Tally-Ho Stud's Blue Point colt, who was picked up by Roger O'Callaghan for 70,000gns at the Tattersalls December Sale in 2021.

Stroud said of lot 30, “Roger bought him as a foal and didn't bring him back as a yearling–he went for the long-term project. It looks like it paid off, too.”

The O'Callaghans enjoyed another good result when Michael O'Callaghan, who has done well with his breeze-up purchasers from the County Westmeath outfit in the past, went to 240,000gns to secure Lezoo's (GB) (Zoutar {Aus}) half-sister (lot 38) by Territories (Ire).

 

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Great Lady M Highlights Los Alamitos Stakes Schedule

A trio of stakes, headed by the $200,000 GII Great Lady M S., highlight the upcoming Los Angeles County Fair meet at Los Alamitos. The nine-day season is scheduled to begin Friday, June 23 and continue through Sunday, July 9.

Racing will be conducted Friday-Sunday opening week (June 23-25), Saturday-Tuesday (July 1-4) the middle week and Saturday-Sunday (July 8-9) the final weekend. Post time will be 1 p.m.

Highlighting the stakes schedule with $425,000 in guaranteed purses, the six-furlong Great Lady M. S. will be offered Tuesday, July 4.

The $125,000-guaranteed Los Alamitos Derby for 3-year-olds will be contested Saturday, July 8 while the $100,000-guaranteed one-mile Bertrando S. is scheduled for Saturday, June 24.

The post Great Lady M Highlights Los Alamitos Stakes Schedule appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Frosted Colt Fastest At OBS Spring Under Tack Session Three

Hip No. 449, a son of Frosted consigned by Longoria Training and Sales, Agent, breezed an eighth in :9 3/5 to post the fastest work at the distance at the third session of the Under Tack Show for the Ocala Breeders' Sales Company's 2023 Spring Sale of 2-Year-Olds in Training.

The bay colt is out of Handwoven, by Indian Charlie, a half-sister to graded stakes placed Flatter Than Me.

Hip No. 484, a daughter of Nyquist consigned by Top Line Sales LLC, Agent, turned in the day's fastest quarter, stopping the timer in :20 3/5. The bay filly is out of stakes winning OBS graduate Hi Holiday, by Harlan's Holiday, a half sister to graded stakes winner Dr B.

There were two quarters timed in :20 4/5

– Hip No. 364, consigned by Wavertree Stables, Inc. (Ciaran Dunne), Agent, is a bay filly by champion OBS graduate Mitole out of Fiercely, by Hard Spun, a half sister to stakes winner Ex Pirate.

– Hip No. 518, a gray or roan filly by Liam's Map consigned by Top Line Sales LLC, Agent, is out of Imprint, by Quality Road, from the family of grade one stakes winner Heart of Darkness.

Six youngsters turned in eighths clocked in :9 4/5.

– Hip No. 381, a chestnut colt by Tapiture consigned by Global Thoroughbreds LLC, Agent, is a half-brother to stakes placed Jumeirah out of Foxbeau, by Bluegrass Cat.

– Hip No. 399, a bay filly by champion OBS graduate Mitole consigned by Julie Davies LLC, Agent, is out of Gemini R N. by Mineshaft, a daughter of graded stakes winner Sapphire N' Silk.

– Hip No. 466, consigned by Mayberry Farm, Agent, is a chestnut colt by Omaha Beach out of graded stakes placed Heavenly Hill, by City Zip, a daughter of graded stakes winner Pleasant Hill.

– Hip No. 490, a chestnut filly by Malibu Moon consigned by Centofani Thoroughbreds, Agent, is a half brother to graded stakes placed stakes winner Above Fashion out of stakes winner Holy Fashion, by Holy Bull.

– Hip No. 519, Last Minute, a bay colt by The Factor consigned by Wavertree Stables, Inc. (Ciaran Dunne), Agent, is out of graded stakes placed Improv, by Distorted Humor, a daughter of graded stakes winner One Caroline.

– Hip No. 520, consigned by de Meric Sales, Agent, is a bay filly by Twirling Candy out of I'm So Fancy, by Unbridled's Song, a daughter of graded stakes placed Real Fancy Runner.

The Under Tack Show continues Wednesday morning beginning at 8 a.m. with Hip No.'s 526 –  700 scheduled to breeze.

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