Victims of horse racing Ponzi scheme search for their missing millions

From the start, the offer seemed too good to be true.

In 2012, a workmate in the oil industry invited Peter to join “The Edge”, a secret punting club promising unheard-of returns.

He told Peter the mastermind behind the plan, well-known horse racing identity Bill Vlahos, had a magic formula for picking winners.

Looking back now, Peter knows he should have trusted his instincts when he first learned how the system worked.

“I said, ‘That sounds like a Ponzi scheme,'” Peter recalls.

But, like the 1,800…