Instead, Vlahos used the funds to bring additional individuals into the scheme as well as to fund his own extravagant lifestyle.

Vlahos initially faced 347 charges, but ultimately pleaded to two counts of obtaining financial advantage by deception.

“Through your pernicious greed and insatiable desire for personal affirmation, you destroyed the lives and financial security of your family, friends and associates,” said Judge Trapnell. “It is clear you must have known the impact you've had … yet you continued your deceptive scheme, unrelenting and unrepentant. The audaciousness of your behavior is breathtaking.”

Read more at abc.net.au.

The post Australia: Mastermind Of Wagering Club Ponzi Scheme Sentenced To Nine Years In Prison appeared first on Horse Racing News | Paulick Report.

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