Former syndicate chairman charged with widescale betting scam

Bill Vlahos, the man behind BC3 Thoroughbreds and the failed betting syndicate The Edge, appeared before magistrates in Melbourne on Thursday.

Vlahos filed for bankruptcy in 2013 and has previously been investigated by Racing Victoria stewards over the financial details of his A$5 million (£2.88m/€3.27m) bid for a sibling of Black Caviar at the Sydney Easter Sales in 2012.

Thursday's court session heard that Vlahos is charged with 350 counts of financial deception dating from 2005 to 2013, following the collapse of The Edge, a betting syndicate with more than 1,000 members.

The prosecution initially alleged that members of The Edge had been defrauded to the tune of A$120m in what amounted to a ponzi scheme, though that figure was cut to A$40m after 23 of the initial allegations were dropped in December.

More than 80 witnesses are expected to be called in a four-week pre-trial hearing, which is scheduled to get under way on March 5.

For complete coverage of racing and bloodstock in Australia and New Zealand, download ANZ Bloodstock News every day
http://www.anzbloodstocknews.com/issue