An exposed Ponzi scheme that duped more than 70 people out of millions of dollars could land disgraced racing identity Bill Vlahos a decade behind bars.
Vlahos claimed to be involved in an international betting scheme run by a man in Dubai called Daniel Maxwell, or Max, which required minimum levels of funds to operate.
The court heard Vlahos gave the excuse to investors that Max's daughter had died and could not respond to withdrawal requests.The plea hearing was told Vlahos often sent investors fake screenshots to show bank account balances, which vastly inflated the amount of money he held. Gerry Onah lost a total of $418,000, after introducing his father and his business partner to the scheme.
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