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US racing stable allegedly funded from suspected $17m Ponzi scheme

Empire Racing Stables has won over $2.4m since it was set up
Empire Racing Stables has won over $2.4m since it was set upCredit: Edward Whitaker

A US couple who raised millions of dollars purportedly for trading currencies have been accused of allegedly operating a Ponzi scheme and pouring the funds into other businesses they owned including a racing stable, a limousine company and a fitness studio.

Jason Dodd Bullard and Angela Romero-Bullard had assets frozen and a restraining order placed on them on Tuesday by the Securities and Exchange Commission (SEC), in which it was alleged the duo had raised approximately $17.6 million from up to 200 investors – most of whom were friends and family – for the purposes of trading currencies.

It is alleged these investors were shown statements showing their accounts were increasing in value, but instead new investor money was used to pay existing clients with the business having stopped trading currencies in 2015.

The couple have operated Empire Racing Stables since 2015 and have earned $601,774 in prize-money this year, with 34 winners. Since its launch the stable has won 146 races and earned more than $2.43m in purses.

Nekia Hackworth Jones, director of the SEC's Atlanta regional office, said: "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.

"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."

Bullard's attorney, Randy Sparling, confirmed Bullard has been subject to civil enforcement actions claiming violations of federal securities laws. Despite that, Sparling anticipates the racing stable will be able to continue to operate.


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