Minnesota owner suspended after Ponzi scheme allegations

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Prominent Minnesota thoroughbred horse owner Jason Bullard suspended by state racing commission after he and his wife Angela Romero-Bullard were accused of carrying out a Ponzi scheme .

The Minnesota Racing Commission said in a press release that, by order of a federal judge, control of all assets, including the Minnesota Thoroughbred racehorses owned by Bullard and its Empire Racing Stables LLC, had been transferred to a court appointed receiver.

Last week, the U.S. Securities and Exchange Commission filed a lawsuit against the Bullards in the U.S. District Court in Minnesota, accusing them of raising about $ 17.6 million from around 200 investors via a Ponzi scheme from at least 2007 to August 2021.

Investors were told their money would be invested in two funds that traded foreign currencies, according to the lawsuit. But instead of using the funds as promised, the defendants used most of the investor funds to pay other investors and for their own personal use, including their racing team, according to the lawsuit.

Jason Bullard may not benefit financially from racing, training or caring for horses at an approved racetrack while serving this suspension, the Minnesota Racing Commission said in its statement. Upon instruction from the court-appointed receiver, horses will be permitted to compete in Canterbury Park during the investigation, but all financial gains from horses competing in Minnesota for Empire Racing Stables will be controlled by the court-appointed receiver.

Empire Racing mainly races in Canterbury Park. He has a record this year of 182: 34-31-19 and earnings of $ 601,774.

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