Punters Club fiasco

[Sir Why You Little 36,747]

That money would all be in a UAE or Swiss Bank account now via Malaysia by now.

Sounds very dodgy.

Amazed it lasted so long...

[Roger Mellie 3,902]

From the thread title, I thought this was to be about a player fight outside an old pub in Brunswick St........

Crossed my mind too.

Went there once or twice a few decades ago

[Biffen 12,936]

Cannot believe people are suggesting the racing industry is corrupt.

Name me one example ...

[H_T 3,042]

Cannot believe people are suggesting the racing industry is corrupt.

Name me one example ...

Lol.

[Undeeterred 3,101]

Maybe it is because I am overseas, but could someone enlighten me as to WTF this is all about?

[Rhino Richards 1,467]

Maybe it is because I am overseas, but could someone enlighten me as to WTF this is all about?

Google it.

[Rhino Richards 1,467]

You have to wonder why people commit large sums of money to other peoples control where the structures are opaque, governance appears to be at a minimum and intregrity uncertain with little or any recourse to funds that disappear.......

Mind boggling...

[Undeeterred 3,101]

Google it.

Just being your typical helpful self.

Thanks.

[Biffen 12,936]

Google it.

Perhaps the answer to all things known and unknown.

As well as unknown knowns and known unknowns.

[DeeSpencer 24,958]

BC3 signed a $5 million contract to buy a half brother to Black Caviar at this year's Easter Sale.

The colt has spent the past few weeks in the Werribee Veterinary Clinic being treated for the life-threatening hoof disease laminitis.

BC3 also has a full sister to the colt, Belle Couture, who won a jump-out at Flemington last week in preparation for a planned racetrack debut later this month.

Well that's where 5 million of it went.

Simon Marshall, A range of industry experience, with an eye to the future. (Sales & Industry Liaison Manager).

A winner of 15 Group1 events, Simon was Australia's premier weight-for-age jockey in the early to mid-90s. Riding such stars as Super Impose, Naturalism, Better Loosen Up, Hareeba, Poetic King, All Our Mob, Mahogany and Mannerism, he was king of the turf.

The son of a jockey who took up training after a race fall, his career began in the country town of Cranbourne, Victoria, with his first fast gallop at the age of 11.

Simon achieved a metropolitan win rate of 28.6% – the highest of any jockey in recent history. He has had major victories in all premier racing cities including the Australia Cup, Australia Stakes, Mackinnon Stakes and South Australia Derby.

With over 700 winners to his credit, Simon has been recognised by both Gai Waterhouse and Lee Freedman as one of the best ever tacticians in weight-for-age races.

Craig Cameron, Experienced Administrator - Strategy and Direction (CEO)

Craig Cameron has over 15 years experience in elite sport management. Formerly a General Manager of Football at Richmond Football Club and a National Recruiting Manager, Craig brings a wealth of knowledge to his new position as CEO. Craig was instrumental in driving a long term strategy of rebuilding and consolidating the football department of the Richmond Football Club.

Prior to his career in the AFL, he spent 16 years in advertising working as a media buyer, here he developed a deep understanding of what clients want and delivering on their expectations.

A passionate horse racing man, Craig has a great interest in the racing industry and is highly motivated to achieve success.

Craig Cameron is probably the bigger MFC link than McLardy. Hopefully he hasn't dragged too many MFC people in on this.

Race horse syndication isn't too risky a game usually. Sydnicators with good records and business practices will buy and sell responsibly and make a low risk profit. Those who buy in to syndication's will usually buy small percentages for an affordable amount ie. 5,000 to 10,000 for 5 or 10%. I'm not sure what went wrong to

Oh and sounds to me like the terms punters club is a bit misleading. That usually means a betting syndicate. As far as I know BC3 were just a racing syndicate, which still had the potential to take in shares of cash and get no return but usually it's money in, share of race horse out. You usually should find out where exactly your money has gone unless BC3 were sitting on the winnings or taking investment dollars and pocketing them.

[DemonFrog 1,347]

You have to wonder why people commit large sums of money to other peoples control where the structures are opaque, governance appears to be at a minimum and intregrity uncertain with little or any recourse to funds that disappear.......

Mind boggling...

I totally agree, the Australian Government has enough of my mone. So it about time to go earn there own, instead of taking mine.

[Redleg 40,400]

You have to wonder why people commit large sums of money to other peoples control where the structures are opaque, governance appears to be at a minimum and intregrity uncertain with little or any recourse to funds that disappear.......

Mind boggling...

Greed is is a brain blocker.

[Redleg 40,400]

Craig Cameron is probably the bigger MFC link than McLardy.

I would imagine he is devastated. The punting syndicate has destroyed BC3 Racing, of which he is/was CEO. It is now in Administration.This will not help his future working prospects. He would be shattered.

[DeeSpencer 24,958]

Addit to above. It seems BC3 had a different business model to simple race horse syndication where you put money in for a share of a specific race horse. It seems BC3's business model was much different and obviously less successful with the punters club involved as well.

[Rhino Richards 1,467]

Just being your typical helpful self.

Thanks.

No worries. No reason why you couldnt just google it then. Not hard. Trust you were successful

[DeeSpencer 24,958]

I would imagine he is devastated. The punting syndicate has destroyed BC3 Racing, of which he is/was CEO. It is now in Administration.This will not help his future working prospects. He would be shattered.

That's presuming he wasn't in on the whole thing. I was a bit suspect when they brought Black Caviar's brother. Usually the big studs or rich owners make those purchases not new on the scene syndications. And to think CC seemed to be doing pretty well at Richmond after he left us.

[Rhino Richards 1,467]

Race horse syndication isn't too risky a game usually. Sydnicators with good records and business practices will buy and sell responsibly and make a low risk profit. Those who buy in to syndication's will usually buy small percentages for an affordable amount ie. 5,000 to 10,000 for 5 or 10%. I'm not sure what went wrong to

Oh and sounds to me like the terms punters club is a bit misleading. That usually means a betting syndicate. As far as I know BC3 were just a racing syndicate, which still had the potential to take in shares of cash and get no return but usually it's money in, share of race horse out. You usually should find out where exactly your money has gone unless BC3 were sitting on the winnings or taking investment dollars and pocketing them.

Race syndication is usually quite risky for those that put the money in. For every successful horse that breaks even there are a slew of horses that gobble up money and never make it. And to have bought Black Caviars relative for $5m suggests this is far from the usual syndication.

You are splitting hairs between racing and betting syndicates as both are dabbling with significant levels of risk.

If the press is right and there is $190million, then BC3 was more than a mere racing syndicate.

[daisycutter 29,442]

i understood the syndication stuff was separate from bc3

there is also talk the $190M may be $500M (the 190 being just one "bank" account)

[Sir Why You Little 36,747]

From what i have heard none of these horses have been paid for.

Amazing the alarm bells didn't go off months ago.

[DeeSpencer 24,958]

Race syndication is usually quite risky for those that put the money in. For every successful horse that breaks even there are a slew of horses that gobble up money and never make it. And to have bought Black Caviars relative for $5m suggests this is far from the usual syndication.

You are splitting hairs between racing and betting syndicates as both are dabbling with significant levels of risk.

If the press is right and there is $190million, then BC3 was more than a mere racing syndicate.

Yeah I've acknowledged that later that clearly this was not your standard racing syndicate. And of course in pure investment racing syndication is a risky investment but the whole point of syndication is that you only put in small affordable amounts according to what you can afford. Hence for a reasonably well off business man if McLardy owns a couple of shares in syndications he can hardly be labelled a horrid gambler. Anyone, especially if they do so knowingly, who put cash in to the punting aspects of the business were very foolish.

Someone attempting to seek their own justice on the manager tells me not only was it a dodgy deal but probably a dodgy deal featuring dodgy people.

[Crompton's the man 659]

One of the best investments I should have made was in a book that reveals how to pick the winning Tattslotto numbers.

If only I had been prepared to part with that paltry amount of money.

And if only I had been prepared to invest with those cold-calling phone salespeople who guaranteed a 98% return on investment in a racing scheme that could not go wrong

I'm sure I could have retired by now

[Undeeterred 3,101]

No worries. No reason why you couldnt just google it then. Not hard. Trust you were successful

Sure did. Waded through four pages of irrelevant overseas rubbish using a foreign Google service, and found a couple of stories buried.

Which I thought maybe some nice person might help me avoid, given a 30 comment thread where everyone knew what was going on despite no context or links.

Not a big deal, but jeepers you can be a git.

[dee-eee 231]

Multi million dollar horse racing betting syndicates in Australia don't exist . Tom Waterhouse complained that he could not even get set with fellow corporates to back his mum's horse to win a million in the Melbourne Cup , a race often not kind to favourites .

[jackaub 1,402]

Its known that a lot of funny money was washed through this and other sindicates

A certain well down identity dispatched an "Investigator " to Dubai looking for the mystery bagman

Edited December 10, 2013 by jackaub

[Whispering_Jack 29,360]

That's presuming he wasn't in on the whole thing. I was a bit suspect when they brought Black Caviar's brother. Usually the big studs or rich owners make those purchases not new on the scene syndications. And to think CC seemed to be doing pretty well at Richmond after he left us.

We would be best off presuming he wasn't in on the whole thing. It's not even remotely his style and he would undoubtedly be shattered by this.

The ones who were in on this are likely to be well out of the jurisdiction by now and enjoying their ill gotten gains at the end of the money trail which no doubt will be virtually impossible to trace.