MINNEAPOLIS (WCCO) – A Twin Cities couple is accused of lying to hundreds of investors in what is called a multimillion-dollar Ponzi scheme.
Investigators say Jason Bullard and Angela Romero-Bullard told friends and family, including retirees, that they were investing their money. The U.S. Securities and Exchange Commission has filed a civil complaint alleging that the money went elsewhere and a judge froze their assets.
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Attorney Doug Kelley is not related to the case, but he was a court-appointed receiver in the state’s largest Ponzi scheme.
“They claim a very classic, very modeled Ponzi scheme [Bernie] Madoff, ”Kelley said.
In Bullard’s case, investigators alleged that the couple said they would invest money in family and friends and instead use it for vehicle payments, credit cards, life insurance premiums. and living expenses. The nearly $ 18 million from nearly 200 investors also apparently went on to bolster their other businesses, including Empire Racing Stables, which compete with horses in Canterbury Park.
Jason Bullard and Angela Romero-Bullard (credit: Canterbury Park)
“When people started asking to withdraw their money they did what is so typical in a Ponzi scheme,” Kelley said. “They took money from new investors to pay old investors.”
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No one answered at Shakopee’s partner’s house when WCCO called, and we heard nothing from her lawyers. According to the documents, this is an address linked to their business.
People who know the Bullards say they know they are friendly and trustworthy and call them respected members of the racing community.
Bernell Rhome trains two of the horses with his racing club. At least one ran Tuesday night in Canterbury. Many involved are concerned about their own investments.
“I didn’t even suspect it, but I think I wasn’t looking for it either,” Rhome said. “All I know is that he paid the bills. I don’t know where he got the money, but it’s been a good relationship for me. “
Kelley believes this is a forerunner of federal criminal charges.
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The Minnesota Racing Commission and Canterbury said they will cooperate with the investigators. For now, the couple’s horses can still run, but the money they earn is on hold.