How Could BC3 Trade With No Licence?
The unfortunate incident regarding BC3 and Black Caviar’s half brother – ‘Jimmy’ – has again put racing in the spotlight for the wrong reasons.
The condition of Jimmy turned for the worse over the last few days and on Sunday he was euthanized by vets on humane grounds. In the meantime the Director of BC3, Bill Vlahos, remains in hiding as many people are asking the whereabouts of not only him, but $194 million in relation to BC3 and Mr Vlahos’ gambling ‘syndicate’.
The word syndicate is an interesting one in relation to BC3 as in fact, BC3 were not a registered syndicate. But with this story hitting the mainstream press it has put a question mark around all syndication companies, and unfairly so.
Read more about Jimmy, BC3 and Inglis’ involvement in the whole incident via Inglis CEO, Mark Webster’s blog: http://blog.inglis.com.au/ceo/2013/12/the-facts-regarding-bc3-inglis-and-jimmy.html
In this article, Mark highlights the fact that ‘a licenced syndicator needs to register a PDS with a regulator (RVL or RNSW) under ASIC rules before they can accept payment for a share in a racehorse’. This was evidently not the case under BC3.
Here at Trainer Connections (and likewise at other registered syndicators who use an AFSL number), the use of a Product Disclosure Statement (PDS) protects potential owners from a variety of unforeseen circumstances. So in the future, if you have any interest in the purchase of a racehorse we can’t recommend highly enough seeking out someone who is not only transparent in their dealings but has protection via a PDS.
Take a look around our site as hopefully we’ve answered any queries you may have and in the process make horse ownership an easy, safe and fun past time.