Interesting story on IEAH

[Saratoga_Mike]

"The somewhat mysterious money man behind International Equine Acquisitions Holdings has been sued in federal court by a wealthy software company founder for alleged fraud in connection with the investment of $60 million in what were described as high-risk companies, including almost $20 million in IEAH, and for allegedly participating in “illicit or potentially illegal activities” with the investment money and receiving unauthorized and undisclosed kickbacks from IEAH for the investments."

http://www.paulickreport.com/news/ray-s-paddock/ieah-investor-tagliaferri-sued-for-fraud/

[toussaud]

http://www.drf.com/news/major-investor-ieah-sued-his-clients

[Stillriledup]

Say it ain't so!

[onefast99]

I am sure there are two sides to this story and the truth lies somewhere in the middle. Once the money was put into high risk ventures that was the time to get it out, not 5 years later!

[JBmadera]

not that it really matters but it looks to me like an investment manager (i.e. leech) is being sued by his customers (i.e. sad sacks) for funneling money to IEAH.

[Saratoga_Mike]

I am sure there are two sides to this story and the truth lies somewhere in the middle. Once the money was put into high risk ventures that was the time to get it out, not 5 years later!

Why do you think this? Maybe IEAH is absolutely 100% innocent or maybe they're guilty as sin.

[Fat Syd]

http://www.drf.com/news/major-investor-ieah-sued-his-clients
No speaka da english

[fmolf]

sounds like a very tangled web

[onefast99]

Why do you think this? Maybe IEAH is absolutely 100% innocent or maybe they're guilty as sin.
Isn't that the definition of the truth lies somewhere in the middle?

[Saratoga_Mike]

Isn't that the definition of the truth lies somewhere in the middle?

For me, the truth lies in the middle would mean some of the allegations are true and some are not. Anyway, reading between the lines I thought you had some inside scoop (i.e., the other side's version of the story).

[Rise Over Run]

They need to bring Greg Martin and A One Rocket out of retirement to right this ship.

http://sports.espn.go.com/sports/horse/triplecrown08/columns/story?columnist=paulick_ray&id=3380885

"Back in 2003, horses running for the IEAH operation of New Yorkers Richard Schiavo and Michael Iavarone were trained by Greg Martin, the son of a Hall of Fame conditioner, Frank "Pancho" Martin. Back then, instead of investing millions on a big-time prospect like Big Brown, they were spending chump change on horses like A One Rocket, a 4-year-old gelding IEAH claimed out of a winning race at Aqueduct for $7,500 on Dec. 13, 2003.

That particular runner would be just one of thousands of forgettable claiming horses that make up the bread and butter programs at tracks like Aqueduct every day, except for one fact: five days after being claimed, racing for IEAH and trained by Martin, A One Rocket turned in a spectacular winning performance on the same Aqueduct track, winning by 10 lengths and improving his final time over six furlongs by nearly two full seconds."

full article at the link above.

[toussaud]

They need to bring Greg Martin and A One Rocket out of retirement to right this ship.

http://sports.espn.go.com/sports/horse/triplecrown08/columns/story?columnist=paulick_ray&id=3380885

"Back in 2003, horses running for the IEAH operation of New Yorkers Richard Schiavo and Michael Iavarone were trained by Greg Martin, the son of a Hall of Fame conditioner, Frank "Pancho" Martin. Back then, instead of investing millions on a big-time prospect like Big Brown, they were spending chump change on horses like A One Rocket, a 4-year-old gelding IEAH claimed out of a winning race at Aqueduct for $7,500 on Dec. 13, 2003.

That particular runner would be just one of thousands of forgettable claiming horses that make up the bread and butter programs at tracks like Aqueduct every day, except for one fact: five days after being claimed, racing for IEAH and trained by Martin, A One Rocket turned in a spectacular winning performance on the same Aqueduct track, winning by 10 lengths and improving his final time over six furlongs by nearly two full seconds."

full article at the link above.
Damn good claim IMHO

:ThmbUp:

[Brogan]

not that it really matters but it looks to me like an investment manager (i.e. leech) is being sued by his customers (i.e. sad sacks) for funneling money to IEAH.
Don't let the facts get in the way of a good topic headline!

[onefast99]

For me, the truth lies in the middle would mean some of the allegations are true and some are not. Anyway, reading between the lines I thought you had some inside scoop (i.e., the other side's version of the story).
I see the IEAH people from time to time but no one is talking about this particular issue.

[Figman]

Is this the same Andrew Cohen?

Andrew Cohen, CBS News chief legal analyst, legal editor and horse racing buff.

TAG made personal loans to individuals from the Szuliks’ account without the family’s knowledge, allegedly including a $1 million loan to IEAH director Andrew Cohen that Cohen paid off by transferring his ownership in Frost Giant to TAG.


Matthew Szulik, former chairman of Linux software distributor Red Hat, and his family members filed suit in U.S. District Court in North Carolina on Dec. 23, alleging that Tagliaferri, his company TAG Virgin Islands, and two other individuals used about $60 million of the Szuliks’ money “to fund and gain control of companies having little to no earnings, poor prospects, and weak and incompetent management,” among other unauthorized activities.

[Relwob Owner]

Question for anyone that knows more about the legalities than I do....Tagliaferri was likely getting the a commission/fee for managing the people's money from the investors now suing him and then was also getting money from the source where he was investing it....this is obviously an enormous conflict of interest but is it illegal?

I always wondered what people would let those at IEAH with such large bravado and relatively little experience operating such a horse operation have their money and I guess now I know.

[Ian Meyers]

Is this the same Andrew Cohen?

Andrew Cohen, CBS News chief legal analyst, legal editor and horse racing buff.

No.