kickbacks alleged in suit

[sumitas]

here we go again and it looks like it's in writing
http://news.bloodhorse.com/viewstory.asp?id=35240

[DiscreetCat=Monster]

I bet that this stuff goes on all the time, people that have alot of money that get around people that seem to be in the limelight tend not to ask alot of questions and be too trusting of these people. That is usally the total opposite of the way bussiness is usally done with people that have already amassed alot of money.

[randallscott35]

I'm sure Mike will have some good comments for this thread.

The story doesn't make the allegations completely clear.

Were the McKathans supposed to be working for McIngvale ... but taking kickbacks from the consignors of the horses they recommended?

Took many "Mc" names in this McSuit.

parasites

liquidate.

[sumitas]

Some of these white collar folks need hard time plus restitution. If proven guilty.

[DiscreetCat=Monster]

Originally Posted by sumitas

Some of these white collar folks need hard time plus restitution. If proven guilty.

Remember Bafferts Hollywood Gold Cup from a few years back with real quiet when he dressed up like Austin Powers how about this


"It's just a jail baby, Yea" not so groovy looks like they will shag him in there

[Rupert Pupkin]

Originally Posted by Bold Brooklynite

The story doesn't make the allegations completely clear.

Were the McKathans supposed to be working for McIngvale ... but taking kickbacks from the consignors of the horses they recommended?

Took many "Mc" names in this McSuit.

Yes, that is correct. The McKathans were working for McIngvale and they were getting kickbacks from consignors.

[Rupert Pupkin]

There are some trainers who are known for totally ripping off their owners when they buy horses for them. It's amazing that everyine knows about it except for the owner. There is one trainer in particular who is pretty brazen about it. Any time you see that he bought a horse for $1 million at auction, everyone knows that he pocketed at least $100k on the deal.

This trainer usually picks out nice horses but the prices he pays are way out of whack. For example, you will see a horse with dead-average breeding that has a good workout at a 2 year old sale. It will be the type of horse that you would expect to go for somewhere around $300,000-$400,000, but it is always possible that the horse could go for a little higher. The horse will end up being bought by the trainer I was referring to for over $1 million. It is often times from the same consignor. All the insiders just shake their heads and say, "We all know that "Mr X" pocketed $100,000-$200,00 on that deal."

The thing that is surprising about it is that often times there is a paper trail, so if an owner does decide to sue, his case will be easy to prove.

[Scurlogue Champ]

Originally Posted by Rupert Pupkin

There are some trainers who are known for totally ripping off their owners when they buy horses for them. It's amazing that everyine knows about it except for the owner. There is one trainer in particular who is pretty brazen about it. Any time you see that he bought a horse for $1 million at auction, everyone knows that he pocketed at least $100k on the deal.

This trainer usually picks out nice horses but the prices he pays are way out of whack. For example, you will see a horse with dead-average breeding that has a good workout at a 2 year old sale. It will be the type of horse that you would expect to go for somewhere around $300,000-$400,000, but it is always possible that the horse could go for a little higher. The horse will end up being bought by the trainer I was referring to for over $1 million. It is often times from the same consignor. All the insiders just shake their heads and say, "We all know that "Mr X" pocketed $100,000-$200,00 on that deal."

The thing that is surprising about it is that often times there is a paper trail, so if an owner does decide to sue, his case will be easy to prove.

Surely you aren't talking of your favourite trainer Mr. Dead Duck are you, Richi?

[Rupert Pupkin]

Originally Posted by moodwalker

Surely you aren't talking of your favourite trainer Mr. Dead Duck are you, Richi?

The funny thing is I was actually talking about someone else although the person you are referring to is well known for that too.

[Scurlogue Champ]

Originally Posted by Rupert Pupkin

The funny thing is I was actually talking about someone else although the person you are referring to is well known for that too.

You aren't talking about the "I grow pot right outside of my barn at Santa Anita" trainer are you?

[Rupert Pupkin]

Originally Posted by moodwalker

You aren't talking about the "I grow pot right outside of my barn at Santa Anita" trainer are you?

I actually don't even know who you are talking about. I didn't know there was a trainer that grows pot by their barn.

Check your message box. I'm going to send you a private message.

[philcski]

I'd believe the suit a lot more if it were anybody besides McIngvale, who's a total nut of an owner.

All I have to say is what the hell did you spend $950K on a Menifee colt out of an average mare for in the first place??

Does not surprise me at all...happens every day in this industry and twice on Sundays....it is a damn shame and a cancer to our game

...dispicable

Guys a kickback is defined if you take comissions on both sides without disclosing such things to the parties involved. Its not real bright.
Randall I have never purchased a horse at a sale. Its not my game and sadly I don't think it ever will be. Its a seperate talent from finding one who is already running. Just like Rup's talent of watching two year olds breeze at training sales is another seperate one.

[Rupert Pupkin]

Originally Posted by oracle80

Guys a kickback is defined if you take comissions on both sides without disclosing such things to the parties involved. Its not real bright.
Randall I have never purchased a horse at a sale. Its not my game and sadly I don't think it ever will be. Its a seperate talent from finding one who is already running. Just like Rup's talent of watching two year olds breeze at training sales is another seperate one.

What happens in many of these cases is actually way worse than a kickback. They will call it a kickback, but it's actually stealing. Some trainers will see a horse that they like at a sale. They will go to the consignor and ask the consignor how much they are hoping to get for the horse. Let's say the consignor says that he is hoping to get $600,00 for the horse. The trainer will tell the consignor to bid against him and run the price up to $1 million. Then the trainer and consignor will split that extra $400,000. This is outright thievery. The owner gets cheated out of $400,000. He pays $1 million for a horse that he could have gotten for $600,000.

[Cannon Shell]

It was only a matter of time until these kind of things came to light. I love the part where Baffert claims he knows nothing. Kinda like Sgt. Schultz from Hogan's Heros.
The real good one is where the trainer/agent actually takes part of the horse to "assure" the owner he is getting a good deal.

[randallscott35]

Originally Posted by oracle80

Guys a kickback is defined if you take comissions on both sides without disclosing such things to the parties involved. Its not real bright.
Randall I have never purchased a horse at a sale. Its not my game and sadly I don't think it ever will be. Its a seperate talent from finding one who is already running. Just like Rup's talent of watching two year olds breeze at training sales is another seperate one.

But Mike this also goes on in private purchases, essentially the same ballgame, no?

[Cannon Shell]

Originally Posted by randallscott35

But Mike this also goes on in private purchases, essentially the same ballgame, no?

fraud is fraud, right?