Jason D. Bullard, whose Empire Racing Stables was a leading owner at Minnesota's Canterbury Park from 2016-'21, has been sentenced to 4 1/2 years in prison after admitting to wire fraud in connection with an alleged Ponzi scheme federal authorities said defrauded investors out of millions of dollars.
Judge Katherine Menendez of the U.S. District Court, District of Minnesota has also ordered that Bullard “repay what he stole from his victims,” according to the Star-Tribune.
The ponzi 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.
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.
Read more at the Star-Tribune.
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