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Minnesota Owner Bullard’s License Suspended

Having been charged by the U.S. Securities and Exchange Commission earlier this week in an alleged Ponzi scheme, Jason Dodd Bullard, who operates Empire Racing Stables LLC, has had his Minnesota owner's license suspended by the state's Racing Commission.

According to a release from the MRC, “control of all assets, including the Thoroughbred racehorses in Minnesota owned by Jason Dodd Bullard and Empire Racing LLC, have been transferred to a court-appointed receiver.” The order was issued by United States District Judge David S. Doty.

The two-paragraph statement from the MRC continues: “Pursuant to Minnesota Rule 7897.0130, Subpart 4(E), Jason Dodd Bullard may not benefit financially from the racing, training, or caring of horses at a licensed racetrack while serving this suspension. At the direction of the court-appointed Receiver, the horses will be allowed to compete at Canterbury Park while the case is being investigated but all financial gains from horses competing in Minnesota for Empire Racing Stables, LLC will be controlled by the court-appointed Receiver pursuant to the order from Judge Doty.”

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Commission Suspends License Of Owner Charged In Ponzi Scheme; Horses Transferred To Receiver

On Sept. 2, 2021, the Minnesota Racing Commission issued a summary suspension of the Minnesota Owner's License of Jason Dodd Bullard.

Minnesota-based Empire Racing Stables owner Jason Bullard is among two individuals charged by the Securities and Exchange Commission to stop an alleged Ponzi scheme. According to the complaint, Bullard and his partner, Angela Romero-Bullard, misappropriated investors' money to support other businesses they owned, including their horse racing stable.

Pursuant to the order of United States District Judge David S. Doty, control of all assets, including the Thoroughbred racehorses in Minnesota owned by Jason Dodd Bullard and Empire Racing Stables, LLC, have been transferred to a court-appointed Receiver.

Pursuant to Minnesota Rule 7897.0130, Subpart 4(E), Jason Dodd Bullard may not benefit financially from the racing, training, or caring of horses at a licensed racetrack while serving this suspension.

At the direction of the court-appointed Receiver, the horses will be allowed to compete at Canterbury Park while the case is being investigated but all financial gains from horses competing in Minnesota for Empire Racing Stables, LLC will be controlled by the court-appointed Receiver pursuant to the order from Judge Doty.

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SEC Files Ponzi Scheme Charges Against Top Minnesota Racehorse Owners

Minnesota-based Empire Racing Stables owner Jason Bullard is among two individuals charged by the Securities and Exchange Commission on Tuesday to stop an alleged Ponzi scheme. According to the complaint, Bullard and his partner, Angela Romero-Bullard, misappropriated investors' money to support other businesses they owned, including their horse racing stable.

The stakes-winning ownership entity lists earnings of over $2.4 million since 2016, according to Equibase, with 146 individually-owned winners and multiple additional horses owned in partnerships. Thus far in 2021, Empire Racing Stables has started 179 horses, primarily at Canterbury Park in Shakopee, Minn., with 34 winners and nearly $600,000 in earnings.

Empire Racing Stables is currently second in the owner standings at Canterbury, and shared the leading owner title in 2019.

The SEC filed an emergency action and obtained a temporary restraining order and an asset freeze to stop the alleged Ponzi scheme perpetrated by Shakopee, Minn., residents Jason Dodd Bullard and Angela Romero-Bullard and the entity they control, Bullard Enterprises LLC. The SEC also named four relief defendants in the action – entities controlled by Bullard and Romero-Bullard that received investor funds from the alleged scheme.

According to the SEC's complaint, filed in the United States District Court for the District of Minnesota, from at least 2007 to 2021, the defendants raised approximately $17.6 million from as many as 200 investors to invest in Bullard Enterprises' purported Flagship and Platinum Funds. Bullard and Romero-Bullard allegedly told investors – most of whom were friends and family, including many elderly retirees – that their investments would be used to trade foreign currencies, and sent investors account statements showing that their accounts were increasing in value. In reality, according to the complaint, Bullard Enterprises stopped trading in foreign currencies in 2015, and the defendants simply used new investor money to pay purported “returns” to existing investors. Also according to the complaint, Bullard and Romero-Bullard misappropriated investors' money to support other businesses they owned, including a horse racing stable, limousine service, and health and fitness studio.

“Many of the investor-victims in this case were friends and family of Bullard and Romero-Bullard who trusted their promises about investment strategy and expected returns,” said Nekia Hackworth Jones, Director of the SEC's Atlanta Regional Office. “As alleged in the complaint, Bullard and Romero-Bullard breached that trust for years. Instead of delivering on their promises, these individuals used false statements and fraudulent documents to convince investors to pour millions of dollars into bank accounts used almost exclusively for Ponzi-style payments and for their personal benefit.”

The SEC's complaint charges the defendants with violating the antifraud provisions of the federal securities laws. In addition to temporary relief, the complaint seeks, among other things, preliminary and permanent injunctions, disgorgement, prejudgment interest, civil penalties, and an asset freeze.

The SEC's ongoing investigation is being conducted by enforcement staff in the Atlanta Regional Office. The investigative team includes Justin Delfino, Krysta Cannon, and Tiffany Kunkle, and is supervised by Peter Diskin and Justin Jeffries. The SEC's litigation will be led by Patrick Huddleston.

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Minnesota Racehorse Engagement Program Promoting 2021 Ownership Opportunities

As temperatures start to rise in Minnesota, so does the excitement for the 2021 racing season at Canterbury Park. The Midwestern track, which opens on May 18, has a multitude of exciting opportunities for trainers, horses, and now future owners. Thanks in part to the relationships built with multiple ownership groups, both national and local, horse racing fans will have easy entry to the exciting experience of being a thoroughbred racehorse owner.

The Minnesota Racehorse Engagement Program (MNREP) is promoting several ownership opportunities on their website, www.RacehorseMinnesota.com, that will provide easy and affordable entry to Thoroughbred racehorse ownership in 2021.

One of these opportunities is provided by the 2021 Canterbury Park Racing Club. The Canterbury Racing Club, which was the first racing club introduced in the United States, has partnered with Wasabi Ventures Stables in 2021 to provide more horsepower via this one-of-a-kind club. Interested parties can experience owning a stable of racehorses at Canterbury Park for an all-inclusive one-time membership fee of $250. Membership offers several additional benefits at the track including free season's pass, special events, and educational opportunities.

“The Canterbury Racing Club is a great way to introduce racehorse ownership to someone who wants to experience the thrill of racehorse ownership, learn more about ownership in general, and who enjoys the sociability of being part of a group of racing fans,” explains Joe Scurto, Executive Director for MNREP.

Empire Racing Stables returns to Canterbury after finishing 2019 as the Leading Owner of the Meet. The club looks to utilize the knowledge of three high percentage winning Canterbury Park trainers: Robertino Diordoro, Bernell Rhone and Karl Broberg. The group races across the country and prides itself on organized gatherings for fun time with owners to get to know one another and enjoy the horses. Ownership opportunities start at $100.

Rocket Wrench Racing offers opportunity for new owners to enjoy the claiming game by claiming horses for their partnership while working alongside their trainer Karl Broberg. The group is made mostly of fellow Minnesotans who enjoy getting together at the track to watch their horses and support their home state's track. 5% ownership opportunities sell for $2,500.

“We look to claim horses with a proven record of success and then enter those horses in races where they can be competitive, and win,” says Rocket Wrench Racing Manager Justin Revak.

Ironhorse Racing Stable heads north for the first time, bringing their passion for success and for the horse to Canterbury Park in 2021. The group, known for campaigning multiple stakes-winning champion Bucchero and Breeders' Cup entrant Momos, is looking to start a 2-year-old at Canterbury Park for owners located in or around Minnesota, then continue racing the horse nationally, should he be successful.

“We are a no mark-up group that doesn't have management fees, but we also know how to win,” says Ironhorse Racing Stable Managing Partner Harlan Malter. “We value our partners because they're not just investors, they really are owners of the horse.”

Wasabi Ventures Stables will also offer their ever expanding ownership opportunities, aside from the Canterbury Racing Club and will be racing for the second year at Canterbury Park. Alongside trainer Tony Rengstorf, Wasabi owned horses hit the board in five out of six starts in 2020 and they look to improve on that record in 2021. Ownership with Wasabi can range from as little as a half percent to as much as 4.99 percent. Most investments start at under $200.

A recent addition to the menu of managed groups racing their horses at Canterbury this year is Grevelis Racing Stable. The longtime local group is woven into the very fabric of racing at Canterbury. Managed by Ted and Heather Grevelis, the group offers larger percentage ownership opportunities, as well as a track record of success at Canterbury dating back to 2005. Ten perecent ownership shares are listed at $2,000.

Racing kicks off at Canterbury Park on May 18 and will run through September 16. The racing partnerships are currently accepting new partners, and more information can be found on the MNREP website: http://racehorseminnesota.com.

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