A Western Australian man behind a betting scheme has been declared bankrupt with his assets frozen as investors chase up to $126 million.
Chris Brown, 27, claims to have made winnings through a hedging betting model, capitalising on odds shortening before the jump.
9 News reported he regularly sent those investing in the scheme screenshots of bank statements showing money in the accounts they believed he owned.
But on Monday he declared bankrupt in Federal Court.
9 News reported that those owed money include business owners Kade Lang and Adam Wilson, property developer John Norup and race caller Darren McAullay.
When confronted by 9 News, Brown claimed to still have the $126m owed and described the money as being ‘safe as houses’.
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Read the full article at: https://www.racing.com/news/2021-05-11/news-wagering-betting-scheme-mastermind-bankrupt
