Horses used in Minnesota Ponzi scheme can race in name of court-appointed receiver

Horses owned by Empire Racing Stables will continue to race under a court-appointed receiver following the issuance of an order by the SEC freezing the assets of the owners of the stable.

Jason Dodd Bullard, 57, and his wife, Angela Romero-Bullard, 49, both of Shakopee, Minn., were accused by the SEC on Tuesday of misappropriating money from an investment fund for various businesses, including the racing stable. Their assets, including the horses in the stable, have been placed under a court-appointed receiver, Nauni Manty, and will be allowed to race, according to the Minnesota Racing Commission.

“At the direction of the court-appointed receiver, the horses will be allowed to compete at Canterbury Park while the case is being investigated, but all financial gains from horses competing in Minnesota for Empire Racing Stables, LLC will be controlled by the court-appointed receiver” pursuant to the judge overseeing the case, the commission said in a ruling.

Jason Dodd Bullard’s license as an owner in Minnesota was suspended as a result of the SEC action, the commission said. Under the suspension Bullard “may not benefit financially from the racing, training, or caring of horses at a licensed racetrack while serving this suspension.”

On Thursday, three horses owned by Empire started in three separate races at Canterbury Park in Minnesota, finishing third, fourth, and fifth. The horses are trained by Robert Diodoro. The SEC had said in its action that the Bullards had made shares available in the horses to members of the general public.

Prior to Thursday, horses owned by Empire Racing had made 182 starts this year, mostly at Canterbury, winning 34 races for total purse earnings of $600,000.