A couple from Shakopee is accused of running a nearly $18 million Ponzi scheme to fund their horse racing stable and their other businesses.
The federal Securities and Exchange Commission (SEC) filed a complaint in federal court last week against Jason Bullard, 57, and Angela Romero-Bullard, 49, the owners of Empire Racing Stables, accusing the couple of raising about $17.6 million from as many as 200 investors between 2007 to August 2021.
The SEC obtained a temporary restraining order and an asset freeze to stop the alleged Ponzi scheme, a news release says.
According to the complaint, the Bullards recruited friends and family, many of whom are elderly retirees, to invest in Bullard Enterprises. They said they’d invest their money in “investment funds” to trade foreign currency.
However, the SEC alleges Bullard Enterprises stopped trading foreign money in 2015 and the Bullards used money from new investors to pay “returns” to their…