Jason Bullard and Angela Romero-Bullard are a couple from Minneapolis, Minnesota. They have been accused of lying to investors and running a $18 million Ponzi scheme.
> SEC complaint against Jason Bullard and Angela Romero-Bullard
Jason Bullard and Angela Romero-Bullard Alleged Ponzi Scheme Details
Investigators: Bullards Used Investment Money On Cars, Credit Cards. “In the Bullard’s case, investigators allege the couple said they would invest family and friends’ money, and instead used it for car payments, credit cards, life insurance premiums and living expenses. The nearly $18 million from roughly 200 investors also apparently went to prop up their other businesses, including Empire Racing Stables, that races horses at Canterbury Park.” [CBS Minnesota]
Family Runs Horse Racing Stables. “The stakes-winning ownership entity lists earnings of over $2.4 million since 2016, according to Equibase, with 146 individually-owned winners and multiple additional horses owned in partnerships. Thus far in 2021, Empire Racing Stables has started 179 horses, primarily at Canterbury Park in Shakopee, Minn., with 34 winners and nearly $600,000 in earnings.” [Paulick Report]
SEC: Bullards Offered Forex Trading. “Through their managed entity, Jason and Angela offered retail forex trading and are alleged to have defrauded 200 investors out of $17.6 million. Instead of trading, they used the money collected to pay back to early investors and to support other businesses they owned, including a horse racing stable, limousine service, and health and fitness studio.” [Finance Feeds]
SEC: Bullards Stopped Trading In 2015, Still Took In Money Till 2021. “In reality, according to the SEC complaint, Bullard Enterprises stopped trading in foreign currencies in 2015, and the defendants simply used new investor money to pay purported “returns” to existing investors. Also according to the complaint, Bullard, 57, and Romero-Bullard, 49, misappropriated investors’ money to support other businesses they owned, including the horse racing stable, as well as a limousine service, and health and fitness studio.” [BloodHorse]
SEC: Bullards Gave Investors Fake Investment Statements. “During the alleged scheme, Bullard and Romero-Bullard supplied investors with statements showing profits for almost the entire period, but most of these account statements were untrue, according to the SEC.” [Wealth Management]
One of the first political bloggers in the world, Oliver Willis has operated OliverWillis.com since 2000. Contributor at Media Matters for America and The American Independent. Follow on Twitter at @owillis. Full bio.
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