Bill Vlahos and the Massive Horse Racing Ponzi Scheme

Dazzled by the promise of plum winnings on the racetrack because of a secret mathematical formula, the investors that Bill Vlahos swindled named their syndicates accordingly — Richy Rich, Winners Circle, Oceans 18.

And they opened their bank accounts to him, too, pouring hard-earned savings into a club that he named “The Edge” because it would give participants a secret advantage on other punters.

The lure was strong.

One man transferred $1.2 million directly into the racing identity’s personal bank account, convinced that his investment would generate life-changing cash and on paper, that’s how things appeared.

But in reality, Vlahos was actually the principal of a preposterous Ponzi scheme that hustled investors out of $17,520,224… more about this Aussie man and his horse racing ponzi scheme