Ludt exit latest in string of departures from troubled Phoenix

Tom Ludt is the latest high-profile individual to end his relationship with Phoenix Thoroughbreds following allegations of money laundering and theft against founder Amer Abdulaziz Salman.

The respected racing professional, whose titles included vice-president of Phoenix Thoroughbreds and head of equine at Phoenix Fund Investments, joins the likes of bloodstock adviser Dermot Farrington and trainers Bob Baffert and Martyn Meade in walking away from the organisation after alleged links to the $4 billion OneCoin cryptocurrency scam emerged last year.

Ludt said he and Farrington had confronted Abdulaziz seeking clarification after the Racing Post reported the allegations, which emerged in a US court as part of the testimony of the convicted fraudster Konstantin Ignatov during the trial of ex-lawyer Mark Scott, who was found guilty of laundering $400 million for OneCoin and faces up to 50 years in prison.