Angry Vlahos punters want hidden cash as punting scammer gets nine years’ jail

Bill Vlahos’ victims want to know where he has hidden his money, as they celebrated his nine-year jail term for one of Australia’s biggest punting scams. SEE THEIR STATEMENTS

Bill Vlahos’ victims want to know where all his money as gone, as they celebrated his nine-year jail term for one of Australia’s biggest punting scams.

Victorian County Court Judge Douglas Trapnell on Friday labelled Vlahos as a greedy narcissist who knew he was destroying the lives of his friends and family with his fake punting club.

Vlahos, 56, was sentenced on two counts of obtaining financial advantage by deception.

He had a personal gain of $17.5 million over 71 punters.

However, the overall losses in the club were as much as $150 million with some punters too ashamed to complain to police after the Herald Sun exposed the scam in 2013.

An angry punter, when told of the sentence, said: “F*** him.”

“We’ve had eight years of this pain. But where is what is left of the money.”

Another punter, who asked not to be named, said of the sentence: “I’m pretty pleased with that.”

Bill Vlahos was sentenced to nine years’ jail. Picture: David Crosling

There were 1800 members of the secretive punting club, including police officers, accountants and business owners, who thought they were making up to 130 per cent returns betting on Sydney and Melbourne races.

But the bets were never placed, with Vlahos using new members’ money to pay out existing members in a classic Ponzi scheme.

Some lost more than $1 million.

Judge Trapnell was scathing in a 90-minute sentencing, detailing the pain Vlahos had caused to members, which included many being forced to sell their homes.

Others divorced because of the stress and shame of their losses.

“Through your pernicious greed and insatiable desire for personal acclamation, you destroyed the lives and financial security of your family, friends and associates,” he said.

“It is clear you must have known the impact your offending would have on the victims. Yet you continued your deceptive scheme unrelenting and unrepentant. The audaciousness of your behaviour is breathtaking.”

Bill Vlahos and his wife Joanne at Christmas. A judge said Joanne was not aware of the scam.

Judge Trapnell said Vlahos used punters’ money to fund a “dazzling” lifestyle, including a $30,000 jacuzzi, a $59,000 bill at the Shangri-La Hotel in Singapore, a $149,000 Lexus and a $71,000 Audi.

The court also heard of a $103,000 trip to Dubai for Vlahos and his friends, including business class airfares.

Vlahos, who made a late guilty plea, was sentenced to an “effective” nine years’ jail sentence, with a minimum of six years.

A suspicious fire broke out at Vlahos’ property near Geelong just days after the punting club collapsed.

His wife Joanne, whom Judge Trapnell said was not involved in the scam, attended the hearing via video link.

Vlahos, who was wearing a white T-shirt and jeans, shifted uncomfortably in his chair at the Marngoneet prison in Lara, where he has been on remand for 682 days.

Detective Leading Senior Constable Clayton Nolan, of the financial crime squad, ran the investigation.

BILL VLAHOS’ TRAIL OF DESTRUCTION

VICTIM 1

I will never forget the morning (sometime in early December 2013) when I heard the news that the punters club that I was part of since 2009 was a scam. I liken the feeling that I felt at that moment to getting pushed off a tall building and when I spiralled downwards, watching the last 25 years of hard work sucked out of my lungs. The thought of breaking the news to my (family) was traumatic.

VICTIM 2

You wake up every morning and it’s on your mind of how you have been scammed for over a million dollars and what you could have done with this money. You go to bed every night and think about exactly the same thing. Since being caught up in this scam I have separated from my wife. The biggest disappointment comes from the fact that these funds should have been used not for myself necessarily but to give my sons a better start in life.

VICTIM 3

My partner and I have separated being unable to mentally and emotionally cope with the stresses the impact of this crime has had on us, individually and as a couple. I am extremely hurt and devastated by the breakdown of our relationship. I am infuriated that my life has taken a different direction through no fault of mine but through the blatant deceit and fraudulent actions of Vlahos, someone I had trusted. I suffered significant financial loss in excess of $169,000 (actual cash).

VICTIM 4

Sadly my wife was diagnosed with cancer … and died. I honestly don’t know how I could have told her that the money was gone. I know she would have been angry with my, our friend and especially Bill. I had put in a request. to withdraw funds because the hospital had stopped the trial for drugs for my wife and if we wanted to continue with drugs available from overseas. Of course, that money was never provided.

VICTIM 5

I lost a significant amount of money and was forced to sell our home. I made the decision to redraw on our mortgage as we had done this many times previously with the intention of withdrawing from the punting club at a later date. This proved a fatal mistake as the opportunity never arose. It has placed me back to my financial position of 30 years ago.

VICTIM 6

It is almost impossible to describe the emotional toll that has been taken on me, my wife and our family unit. To have been duped in such a calculated manner over the nine years I knew Bill rocks me to my core. As a result of Bill’s fraudulent behaviour I suffer from major clinical depression. At the peak of my depression I saw no reason to live other than for the grateful support of my family. I have many flashbacks of how our lives have changed, including having to deal with the fallout from being made bankrupt as a result of my involvement in the punting club.

VICTIM 7

In total, my loss to The Edge is $418,000. I’d also had (relatives) involved both which contributed to a small part of this amount. I’m now 61, work a 10 to 12 hour day and have to come to terms with having lost half my superannuation and not be able to recover this in what time I have left in my working life. The greatest effect The Edge had was the added pressure on my marriage. My involvement with The Edge was without my partner’s consent. We divorced. There is a lot of anger and frustration and many sleepless nights. Thank you Bill Vlahos.

VICTIM 8

I was physically sick to my stomach that my ‘investment’ of $190,000 had most likely been stolen. I was unable to sleep for days and had to find the courage to explain to my partner that I had been totally scammed. I feel stupid and embarrassed that I had fallen victim to such a crime that in hindsight sounded too good to be true. I feel like a complete idiot to this day.

VICTIM 9

We were supposed to be travelling and helping our kids but instead we haven’t had a holiday since the collapse of the punting club and work seven days a week to reduce our loan as much as possible. $840,000 is absolutely a lifetime’s work for us and can never be made again, by us, at our age.

VICTIM 10

I’m still incredibly angry at Bill. He’s a smart man in my view, his punting system worked, so to intentionally deceive his own family, friends and countless others for his own personal financial gain and notoriety again makes me very angry that someone you trusted and knew personally would do this.

Originally published as Angry Vlahos punters want hidden cash as punting scammer gets nine years’ jail