10/04/2012 4:44PM

Belmont Park: Karakorum Racing disbands

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Karakorum Racing, the partnership company whose horses have been a staple of the claiming ranks in New York for 15 years, ceased operation in late August, one of the company’s trainers said on Thursday.

Jeff Odintz, who was the partnership’s primary trainer over the past several years, said that all of the Karakorum horses were transferred to trainer Enrique Hernandez at Finger Lakes at the end of August.

“It was kind of quick,” Odintz said. “I don’t know exactly whether the horses were sold or what, but all of them went to Hernandez. He’s now the owner.”

Hernandez did not immediately return a phone call Thursday.

The phone number for Karakorum appeared to be out of service on Thursday. Efforts to reach the company’s founder and president, William DiScala Jr., at his home were unsuccessful.

Karakorum was launched in 1994, according to the company’s website. The company sold fractional ownership in racehorses, at a starting price of hundreds of dollars, and most of those horses competed in the claiming ranks at New York tracks.

The company aggressively marketed its partnerships in the New York area, and it often used its company name when naming horses it acquired at auction. Karakorum’s website listed 14 horses in its stable, along with two unraced “new offerings.”

ArginMayo More than 1 year ago
Josh Bauman and William Discala Jr and are low life scumbags. They took peoples hard earned money and used it on themselves and their horses. A horrible ponzi scheme that ripped off a lot of innocent people. They should be in jail. Thank God I never got in on that Karakorum scam like some people I know did. Shame.
Zombie Birdhouse More than 1 year ago
For those still checking up on this article - and that there hasn't been aggressive coverage on where these suits ran and hid is ridiculous - Karakorum Elektra (Linda Rice / owner/trainer) is running on May 30 on the Belmont turf. At least this hard knocking mare ended up in a barn that has the welfare of the runners at the forefront - that could never be said about Karakorum Racing. And Elektra's first name could be all that's left of the defunct company that ripped off so many good people for so many years.
Michele David More than 1 year ago
Josh Bauman and Discala were failures since the day they were born. Low life crooks born from the same. Shame what they did to those innocent owners.
Stellar Variations More than 1 year ago
Stumbled upon this article several weeks back and simply surprised that there has not been a follow-up story after so many months. This has all the appearances of a classic Ponzi scheme, with the typical disconnected phone numbers once the top suits split up the remaining cash and run away in the midnight hour. This operation was run by cowards.
john t More than 1 year ago
Dont think that the trainer is innocent in this matter he is part of the group It is called a ponzi and they did not have enough money to cover so they sold the horses in the middle of the night and turned off all the phones . Hope to see all in federal prison. They did the most stupidiest thing they used thier real names so adios scumbags
Anthony Amarosa More than 1 year ago
Bauman had to know what DiScalia was doing
AWVEGAS1 More than 1 year ago
BAUMANN CALLING ME TO PURCHASE SHARES IN HIS HORSES. WOULD LIKE TO SEE IF NYRA STEPS UP & HELPS US OWNERS WHO WERE TAKEN BY KARAKORUM TO RECOUP SOME OF THEIR MONEY BEFORE I GET INVOLVED AGAIN SO I CAN FIND OUT WHO IS REALLY BEHIND THIS SHAMEFUL ACT
Sue Gorgeous More than 1 year ago
Josh Bauman and all those others are wastes of life and crooks.
Rufus More than 1 year ago
They were reported to the New York State Attorney General, the New York State Racing & Wagering Board, and the New York Racing Association Stewards, Carmine Donofrio and Stephen Lewandowski years ago. Maybe Joe Drape and the New York Times need to investigate why nothing was done about them?
Bob More than 1 year ago
Who has teh horses that were in teh partnership? Is this person ready to fork over monies to the partner who had intrest in them? Since they were sold to a party without authorization from the partners and owners the new owner has to buy out the partners who had intrest in tehm, if sold then there will be a lawsuit. Check New York law before selling any of these horses. It appears taht this was not a take over just and move on teh part of officers of this group. Run if you want however IRS keeps records and there is a court document called discovery which allows parties to see all bank records.