Phoenix Thoroughbreds Investigated for Alleged Money-Laundering Tied to OneCoin Scam

Australian racing officials have launched an investigation into Phoenix Thoroughbreds, a prominent international horse racing operation, following allegations linking its Dubai-based owner, Amer Abdulaziz Salman, to a global money-laundering scheme. The scandal stems from Salman’s alleged involvement in the notorious OneCoin cryptocurrency scam, a scheme that defrauded investors of $7.2 billion worldwide.

Phoenix Thoroughbreds, known for its ownership of top-tier racehorses like Farnan and Loving Gaby, is now under scrutiny in both Australia and France, where it has already been banned from racing.

OneCoin Scam: The Alleged Connection

What is OneCoin?

OneCoin was marketed as a revolutionary cryptocurrency that promised exponential returns. Investors were persuaded to buy OneCoin tokens with the expectation of massive profits, but the tokens could never be cashed out.

• Scale of the Scam: $7.2 billion was reportedly swindled from victims across Europe, Africa, and Australia.
• Impact on Australians: At least one investor lost $100,000 in retirement funds.

Allegations Against Amer Abdulaziz Salman

• According to a prosecution witness in a New York court, Salman allegedly stole $161 million from the OneCoin scheme.
• The funds were reportedly funneled into Phoenix Thoroughbreds, raising serious questions about the origins of the operation’s wealth.

Phoenix Thoroughbreds: A Racing Powerhouse in Turmoil

Phoenix Thoroughbreds has been a dominant force in the horse racing industry, particularly in Australia.

Notable Achievements

• Farnan: Winner of the 2020 Golden Slipper, one of Australia’s most prestigious horse racing titles, with $2.5 million in prize money.
• Loving Gaby: A two-time Group 1 winning sprinter, earning $2.2 million in her career.

Global Operations

• Phoenix owns over 100 horses in Australia, underscoring its significant presence in the country.
• Despite withdrawing from the UK racing circuit, Phoenix has reiterated its commitment to Australian racing, describing it as “a cornerstone of our business.”

Investigations Underway

Racing Authorities Take Action

• Racing NSW: Confirmed an active investigation into Phoenix Thoroughbreds’ activities.
• Racing Victoria: Stated it is coordinating with international jurisdictions to understand the implications of the allegations.

Bans and Restrictions

• France: Phoenix Thoroughbreds was banned from racing earlier this month following revelations of Salman’s alleged role in the OneCoin scam.

Phoenix Thoroughbreds’ Response

Phoenix has denied any involvement in wrongdoing. In a statement, the organization reaffirmed its commitment to the racing industry and dismissed the allegations as unfounded.

• Amer Abdulaziz Salman’s Defense: Salman has not publicly commented on the allegations but remains under intense scrutiny as investigations progress.

The Ripple Effect: Implications for the Racing Industry

1. Impact on Australian Racing

Phoenix Thoroughbreds’ extensive investments in Australian racing make the allegations particularly significant.

• Prize Money: The operation’s horses have earned millions in prize money, raising questions about the integrity of these winnings.
• Upcoming Events: Farnan is scheduled to compete in the lucrative spring carnival, potentially under a cloud of controversy.

2. Industry Reputation

The scandal has cast a shadow over the broader racing community, emphasizing the need for greater transparency in ownership and funding.

What’s Next for Phoenix Thoroughbreds?

The outcome of the investigations will be pivotal in determining Phoenix’s future in horse racing. Key questions include:

1. Will Australian authorities impose bans similar to those in France?
2. Could Phoenix’s assets, including its prized horses, be frozen or confiscated?
3. How will this affect the careers of trainers and jockeys associated with Phoenix?

FAQs About Phoenix Thoroughbreds and OneCoin

What is Phoenix Thoroughbreds accused of?
Phoenix is accused of being linked to a $161 million money-laundering scheme connected to the OneCoin cryptocurrency scam.

What is the OneCoin scam?
OneCoin was a fake cryptocurrency that defrauded investors of $7.2 billion globally by promising returns that were never delivered.

What actions have been taken against Phoenix Thoroughbreds?
Phoenix has been banned from racing in France, and investigations are ongoing in Australia.

How is this affecting the Australian horse racing industry?
Phoenix’s extensive investments in Australian racing, including ownership of over 100 horses, have raised concerns about the integrity of the sport.

What will happen to Farnan and other Phoenix-owned horses?
While the investigations continue, Phoenix-owned horses like Farnan remain active in competitions, but their participation may be reevaluated based on the findings.

Conclusion: A Scandal with Far-Reaching Implications

The allegations against Phoenix Thoroughbreds and its owner, Amer Abdulaziz Salman, highlight the intersection of cryptocurrency scams and global industries like horse racing. As investigations unfold, the scandal could reshape the way ownership and funding are scrutinized in the racing world.

While Phoenix denies the allegations, the fallout from the OneCoin scam underscores the importance of financial transparency and accountability in competitive sports. The racing community—and the broader public—await the findings of these investigations, which could have lasting implications for the future of horse racing in Australia and beyond.

To stay updated on the latest developments in this case and other industry news, explore our article on latest news, where we cover key stories shaping the world of sports and finance.