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First Light Racing Charged by RV & Ash Ali |
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Sir Gov
Champion Joined: 17 May 2016 Status: Offline Points: 2278 |
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Posted: 12 Jun 2018 at 8:38pm |
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from punters.com.au
Horse racing syndicator First Light Racing and two of its directors, Tim Wilson and Sam Kilkenny, have been charged by Racing Victoria for failing to disclose a conflict of interest in Product Disclosure Statements.
Racing Victoria stewards have issued three charges against First Light Racing Pty Ltd and four charges against both Wilson and Kenny in relation to two syndicated horses. On both occasions, the PDS for the horses being syndicated failed to disclose the original purchase and any conflict of interest in regards to the purchase. The first charge relates to Arizona Belle (High Chaparral x Danzottoa 2014 filly) who was originally purchased for $43,000 at the 2015 Gold Coast National Weanling Sale by Paul Willetts as agent for Star Band, an associated entity of FLR. Arizona Belle was then acquired by FLR in March 2016 as a yearling for $60,000 from Bell River Thoroughbreds Pty Ltd as agent for Star Band at the 2016 Inglis Melbourne Yearling Sale. The second charge relates to a Charge Forward x Trois Couleurs colt which was first purchased for $26,000 by FLR, through Willetts and employee Ashleigh Dowley at the 2015 Gold Coast National Weanling Sale. FLR then acquired the colt as a yearling from Widden Stud as agent for FLR at the 2018 Gold Coast Yearling Sale for $80,000. In issuing the charge, RV stewards contend that the PDS contained no reference to the fact that FLR owned the colt prior to the 2018 Gold Coast Yearling Sale. Wilson and Kilkenny are facing two charges of making a false or misleading statement or declaration and two charges of improper, dishonest and/or dishonourable action or practice. The charges will be heard by the Racing and Disciplinary (RAD) Board on a date to be fixed. Edited by Gay3 - 20 Jul 2020 at 7:07pm |
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djebel
Premium Joined: 07 Mar 2007 Status: Offline Points: 53960 |
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So, Does this ruin their reputation and business or is this typical horse racing shenanigans and will be business as usual ?
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reductio ad absurdum
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Lordy
Champion Joined: 22 May 2010 Location: Sunshine State Status: Offline Points: 13887 |
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as Far as shenanigans go with yearling sales and syndicators go this isn’t that big. Damages the reputation but doesn’t ruin it.
I imagine those that purchase share in these particular horses may be asking a few blunt questions. |
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Sir Gov
Champion Joined: 17 May 2016 Status: Offline Points: 2278 |
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We shouldn’t accept these practices irrespective of the severity.
They are downright unethical and illegal. The yearling sales also need a cleanout. |
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Lordy
Champion Joined: 22 May 2010 Location: Sunshine State Status: Offline Points: 13887 |
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Any precedents for punishment of this kind of thing? Do they cop a fine or are their various licences under threat?
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Spearmint
Champion Joined: 21 Feb 2007 Location: Australia Status: Offline Points: 1468 |
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It is definitely not a good look to buy them as weanlings and then through agents buy them back as yearlings. It just looks like they a setting a false value on them to make a profit by syndicating them at an inflated price.
On the other hand I guess their explanation could be that after buying them as weanlings, they then put them on the yearling market to get a market price in a public auction. They were then the last bidders at the sale price and therefore had a genuine market value at a public auction. This of course presumes they did not run them up to that price at the auction |
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"Nothing in the world is so powerful as an idea whose time has come"
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Lordy
Champion Joined: 22 May 2010 Location: Sunshine State Status: Offline Points: 13887 |
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Looking at the respective prices it’s quite possible that occurred. Nothing at all wrong with that. One of them $46k as a weanling and $60k as a yearling, would hardly cover costs. If they wanted to run up the price then they didn’t do it that well. Problem is not disclosing it in the PDS, hence the charge. |
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Shawy38
Champion Joined: 13 Jun 2015 Status: Offline Points: 17383 |
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They knew the rules.
No sympathy. |
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Red Hare
Champion Joined: 12 Jan 2015 Location: Victoria Status: Offline Points: 4233 |
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No shortage of competitors and former 1%ers lining up on Twitter to dig the boots in.
My one and only ownership experience was with FLR. My one takeaway from that time was that my next share would go through a trainer direct. Although, to be fair, that assessment would almost certainly have been influenced by TBV. I never thought they were dodgy, I just saw them as rank amateurs that couldn't organise a root in a brothel. I don't think they're smart enough to be 'horse traders'.
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Red Hare
Champion Joined: 12 Jan 2015 Location: Victoria Status: Offline Points: 4233 |
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So much smoke and mirrors in the sales game.
I doubt old-mate McDonald needed Ashleigh, on behalf of FLR, to put her hand up for the $825k Savabeel colt at NZ Premier a few years back... but having that sort of loot flow through your account in full and on time must do wonders for the credit rating.
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Lordy
Champion Joined: 22 May 2010 Location: Sunshine State Status: Offline Points: 13887 |
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Nobody offering sympathy. They broke the rules and will be penalised for it. The level of penalty is the only thing currently in question. |
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ThreeBears
Champion Joined: 13 Apr 2017 Status: Offline Points: 2911 |
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It just looks like they a setting a false value on them to make a profit by syndicating them at an inflated price.
As Lordy pointed out they hardly made a profit on one and just made a profit on the other. I've seen better run up jobs many times over. Do people even know the costs involved with raising the horse and putting it through public auction?
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Sneck
Champion Joined: 16 Feb 2013 Location: Payout Queue Status: Offline Points: 7555 |
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If this wasn't the case why bother considering the expense? Just passing on another unnecessary expense to owners. |
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Red Hare
Champion Joined: 12 Jan 2015 Location: Victoria Status: Offline Points: 4233 |
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If that's 'hardly' or 'just', the game is cactus.
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Shawy38
Champion Joined: 13 Jun 2015 Status: Offline Points: 17383 |
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Okay then |
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Shawy38
Champion Joined: 13 Jun 2015 Status: Offline Points: 17383 |
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captain obvious
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ThreeBears
Champion Joined: 13 Apr 2017 Status: Offline Points: 2911 |
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Doesn't matter it's easier to syndicate for more using the higher value as a selling point.
If this wasn't the case why bother considering the expense? Just passing on another unnecessary expense to owners.Again what's the cost of raising the horse from weanling to yearling? Might have been same value as price increase at sales. As for the other one I did say they made a win after costs. Can you read? Tell us the cost of transport to and from sales, rearing costs, agency fees and sales costs. I'm not defending them I'm merely pointing out the insignificant gains compared to some other startling and obvious run ups over the years. I won't mention those on this forum by name. Litigation abounds.
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ThreeBears
Champion Joined: 13 Apr 2017 Status: Offline Points: 2911 |
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Second part directed at Red Hare's post Sneck not you.
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Lordy
Champion Joined: 22 May 2010 Location: Sunshine State Status: Offline Points: 13887 |
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Hard to accept the excuse that it was “an inadvertent oversight”. They forgot they bought the horses from themselves?
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3blindmice
Champion Joined: 22 Oct 2012 Status: Offline Points: 18105 |
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Much like politicians forgetting that they purchased investment properties worth millions. I guess when you have numerous properties it's easy to lose track. Amazing how many people have memory problems when it suits.
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Aurelius
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Scottish Rogue Horse Profile
ProfileStatsResults Scottish Rogue Breeding Sire: Rothesay Dam: Ten Eighty (NZL) Sire of Dam: Volksraad (GBR) Lot: 266 - 2017 Inglis NSW Classic Yearling Sale Vendor: Glenlogan Park, Innisplain, Qld Buyer: First Light Racing / McEvoy Mitchell Racing / Paul Willets Bloodstock Sale Price: $45,000 Scottish Rogue OwnersFirst Light Racing Pty Ltd |
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ThreeBears
Champion Joined: 13 Apr 2017 Status: Offline Points: 2911 |
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Amazing how many people have memory problems when it suits. True Mouse. It's like the mental illness plague before the courts. Timely and fashionable.
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pnclick
Champion Joined: 13 Mar 2009 Status: Offline Points: 1020 |
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They appear to have put them through the sales to get a current (yearling) value on them as it makes it easier to justify the share value etc..., albeit they run up the price, but as pointed out earlier, they are not excessive increases in value from weanling to yearling. Its the buy it on March 10 for $50,000 and sell it on March 15 for $9,000 per 10% share that annoys me more than anything...
The issue is non-discloser. The individuals (linked to FLR) had obviously decided to buy the said weanlings with intent to syndicate through FLR at a higher price, and pushed that price even higher by going through the auction. Would love to know the under bidders, which unfortunately can NEVER be known...
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Sir Gov
Champion Joined: 17 May 2016 Status: Offline Points: 2278 |
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Another reason why all bidders are registered, however all bids should be tracked as well. There also needs to be some mechanism to ensure run ups & paybacks can be monitored. Not sure how practical that is......however the sale houses should be focused on protecting investors. If a Four Corners steps & someone rats out some of the processes (I believe both would be long term positives with short term pain) - it will be a disaster for the industry. |
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pnclick
Champion Joined: 13 Mar 2009 Status: Offline Points: 1020 |
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Wouldn't be that hard to do. Give registered bidders a bidding card and the spotters could call that number out so it's registered.
The worse run-up was Black Caviar's half brother. Everyone in the joint seemed to know it was going to go for $5m, and the well known under bidder pushed it up to that figure....
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Lordy
Champion Joined: 22 May 2010 Location: Sunshine State Status: Offline Points: 13887 |
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Put them all through eBay
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Red Hare
Champion Joined: 12 Jan 2015 Location: Victoria Status: Offline Points: 4233 |
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Couple of $5k fines.
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rusty nails
Champion Joined: 20 Mar 2013 Location: Sydney Status: Online Points: 11392 |
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What a farce that was. The under bidder supremely confident and comfortable bidding $4.95M. Apoplectic when his bid is called at $5M....... |
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Sunline
Champion Joined: 01 Jul 2008 Location: Australia Status: Offline Points: 22302 |
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It gets better.
One of the FLR Directors is the personal accountant of Racing Minister Pakula! Now we understand the light penalty. Let me assure you - others have lost their license to syndicate for far, far less!
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Sunline...simply supreme
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anabel
Champion Joined: 29 Mar 2012 Location: VIC Status: Offline Points: 1521 |
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Their penalty is ridiculous, you can’t go around fining trainers who advertise “partners wanted” in their horses, yet give a slap on the wrist to organised rorting by someone actually licenced.
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