Leading Minnesota race horse owners accused in Ponzi scheme

 Leading Minnesota race horse owners accused in Ponzi scheme

MINNEAPOLIS (AP) — A Minnesota couple whose race horses have been among the most successful at Canterbury Park over the years is accused of defrauding 200 investors of nearly $18 million in an investment scam.

The U.S. Securities and Exchange Commission alleges that Jason Bullard and his wife, Angela Romero-Bullard, of Shakopee, operated the Ponzi scheme from 2007 to 2021. The Bullards own Empire Racing Stables LLC, a 24-horse operation that has been one of the top winners at the Shakopee track in recent years.

This year, the couple’s horses have won 23 races and collected $366,425 in purse earnings, ranking second among all owners, according to course officials. Their stables shared the top spot in 2019 with 32 wins and earnings of $471,088, the Star Tribune reported.

The SEC lawsuit states that the Bullards told investors they could earn annual returns of 10% to 12% by putting their money into two family-controlled funds used to…

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