Criminal case against member of winning Minnesota horse-racing family follows $18M Ponzi scheme suit

Criminal charges against a member of one of Minnesota's most prominent horse-racing families have been added to earlier federal allegations that he and his wife ran a Ponzi scheme that bilked more than $18 million from 200 investors.

Jason D. Bullard, 58, of Shakopee was charged Friday in U.S. District Court in Minneapolis with wire fraud in connection with more than $5.4 million of the ill-gotten gains collected from 2014 until 2021, shortly before the federal Securities and Exchange Commission (SEC) sued him and his wife, 50-year-old Angela Romero-Bullard, alleging they ran a fraudulent investment business.

The Bullards owned Empire Racing Stables LLC, at one time a 24-horse operation that had been one of the top winners at Canterbury Park in recent years until the state Racing Commission suspended its license in September 2021.

Empire's horses won 23 races in 2021 and collected $366,425 in purse earnings, ranking second among all owners, according to course officials. In 2019, Empire shared the top ranking, with 32 wins and earnings of $471,088.

The U.S. Attorney's Office filed the criminal complaint by what's known as "information," meaning that Bullard intends to plead guilty. The SEC case against the couple has yet to be resolved. Messages left for their attorneys, seeking reaction to last week's bare-bones criminal filing, were not immediately returned.

In the far more specific SEC complaint that spanned from 2007 to 2021, the Bullards allegedly told investors they could earn 10% to 12% annually by investing in two family-controlled funds used to trade foreign currencies. However, the SEC said Jason Bullard had "not traded foreign currencies with investor funds since approximately 2015."

Instead, the agency alleged the Bullards used most of the money to keep the Ponzi scheme running or for personal uses, including making car payments and covering other living expenses. They also used some of the funds for their racing business and other unrelated ventures, including DLJ Real Estate LLC and Empire Investments LLC, the SEC said.

Over the course of the alleged scheme, Bullard in 2015 bought a 6,000-square-foot home on 1.6 acres off the southeastern shore of O'Dowd Lake for roughly $675,000, according to Scott County property records. In 2022, it had an assessed market value of more than $950,000, the records showed.

In addition to their racing business, the Bullards operated Nite Trane Transportation, which offered limousine, party bus and airport transportation in the Twin Cities, according to Canterbury Park officials. Angela Romero-Bullard also owned a fitness center, the SEC said in its complaint.

The Bullards bought their first racehorse in 2013. "Coming to the track with friends and family, going to the paddock, and finishing it all up with a winner's circle photo never gets old," Jason Bullard said in a 2018 blog posting on the Canterbury Park website.

Jason Bullard worked as a licensed securities broker from 2000 to 2004.