Racing Trainer Who Sold Non-Existent Horse Gambled $2M Before Bankruptcy

A former harness-racing trainer from New Seeland was convicted shoemaker's last yr of humbug for selling a gymnastic horse that didn’t exist. This week, it emerged he illicitly gambled o'er $2 gazillion prior to filing for bankruptcy, local media reports.

In June 2022, Margaret Mitchell Kerr was sentenced to heptad months’ rest home hold for marketing the fictitious creature for NZ$40,000 (US$25K). That was inward increase to other industry-related frauds.

He also sent invoices to six owners for insurance premiums on fictional policies he claimed he had taken out on their horses. And he forged the signature tune of 1 owner of two horses on documents to trim down their ownership percentage of the horses without their knowledge.

A successful trainer during his three-year career, with 87 wins for around $900K inwards stake-money, Kerr was banned for lifespan from the manufacture for his transgressions.

Books Cooked

On Wednesday, Kerr pleaded guilty to several charges related to to violating bankruptcy laws at the Christchurch District Margaret Court and was sentenced to quint months nursing home detention.

One month before he was banned from racing, Kerr filed for bankruptcy, owing creditors $270K.

But just now before that, he gambled more than $2 meg on horse and domestic dog racing, according to The Press, losing almost $1 million. That’s a law-breaking below New Zealand’s Insolvency Act.

Kerr also violated several other provisions inward the act. These included declaring an annual income of $40K when analytic thinking of his camber accounts revealed it was finisher to $228K, according to royal court filings.

He also claimed he had opened simply I bank account statement inward the previous fivesome years, when inwards fact he had opened six, prosecutors said.

Furthermore, he was found to have had continued involvement in the direction of his company, Mitch Kerr Racing, despite beingness prohibited from doing so below failure regulations.

Buyer’s Remorse

Kerr sold the phantom horse, an unraced three-year-old standardbred, to his dupe inward September 2019.

The vendee became suspicious after Kerr failed to send out ownership papers. Kerr and so informed his victim the Equus caballus would non piddle the level and was a missed cause. When pressed further for trial impression of the horse’s existence, Kerr sent the vendee images of a different horse that matched the verbal description of the unity the emptor was led to trust he had purchased.

Kerr continued to invoice his victim for training, fees, and insurance totaling $26K after the fraudulent sale.

“I am a different person at present and I simply want to lay my chief shoot down and carry on with my life,” Kerr claimed in judicature Wednesday. “I work on and I contribute to my biotic community every day.”

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