Last Updated on 19 May 2021
Chris Brown, the 27-year-old horse betting scheme mastermind, has had his assets frozen as is now declared bankrupt. His bankruptcy comes after investors tried to get back the $126 million that they trusted him with and the Federal Court seized his assets.
The young betting schemer said that their money is “as safe as houses.” However, he didn’t reveal how he planned to pay investors back and instead claimed that the money was in the courts right now and that investors will get their funds soon.
Betting on Shortening Horse Odds
Chris Brown told investors that he had a hedging model with which he could capitalize on the shortening odds of horses before races.
He guaranteed them enormous winnings if they made an investment and was frequently sending them screenshots of bank accounts with millions of dollars in them. The young betting scheme mastermind claimed that he owned the accounts that were brimming with money and that he could do the same for his future investors and increase their investments multiple times.
Broken Promises
However, Brown’s investors have long given up on doubling or tripling their investments and will now be more than happy if they could recoup the initial amounts of money they sent him.
Recently, all they have been hearing from the 27-year-old betting scheme mastermind were excuses and not much hard evidence about where their money is. For instance, he told his investors a while ago that the Australian Tax Office audited him and took $38 million from the accounts he had.
Despite all this, Chris Brown still claims that he has his investors’ money and that he will repay that as soon as it becomes available.
He said that he had $172 million in his account and that the money was “as safe as houses.” He didn’t say why he decided against hiring a lawyer, though, with all that money at his disposal.
Defrauded His Grandparents
Chris Brown is somebody who got used to living a glamorous life. He has often been seen in the company of AFL players and has been pictured with lots of beautiful women.
However, there is also another image of Mr Brown out there. In it, he is chased by a lot of people looking to get their money back, including his grandparents.
Property developer John Norup is one of the people who have trusted Brown with their money and are now asking to get it back.
Business owners Adam Wilson and Kade Lang have also given the young betting schemer funds to invest that he allegedly misappropriated.
Darren McAullay, a popular race caller, is another person that has trusted Brown’s plan of shortening horse odds but is now desperately looking for a way out.
Even Brown’s grandparents were damaged by his actions. They realized that they will not get their money back from him so they decided to sue him. They are yet to recoup the $82,000 they lent him more than a year ago.
These investors, and lots of others, will find out whether Mr Brown has the money or if they will never see it again in two weeks.
