What happened to IEAH?

[bdw0617]

This whole CC thing got me thinking about my boy mike iavarone. What happened to him? They had a few good horses besides big brown.. they still around?

I get him confused with mike repoli sometimes and I think that's him but it's not.

[TJ]

This whole CC thing got me thinking about my boy mike iavarone. What happened to him? They had a few good horses besides big brown.. they still around?

I get him confused with mike repoli sometimes and I think that's him but it's not.

Hi bdw,
They haven't raced any horses since 2012. In the beginning of 2013 they sold their remaining stallion shares of Big Brown. Last racing transactions found them pin hooking....Union Rags being one they turned over. TJ

[ageecee]

went bankrupt

[da hossman]

Not only did they go bankrupt, they were also doing more than a few shady/illegal things - always a suspicious group that did not play the game on the "up and up". Like Classic Star, they were people to stay as far away from as possible.

[Patuxet]

This is an article published last year and titled: "What Happened to IEAH?"
http://www.anddownthestretchtheycome.co ... g#comments

And there was this excellent Ryan Goldberg article I posted a while back titled "How Big Brown's People Nearly Pulled Off Horse Racing's Biggest Scam"
http://deadspin.com/how-big-browns-peop ... -504679834

To me there was a smarmy, unsavory quality to the IEAH characters. When I watched the creeps in "The Wolf of Wall Street" I was put in mind of IEAH and this quote from the Goldberg article:

Other markers are found in the U.S. District Court, Southern District of New York, and the Securities and Exchange Commission, in indictments of James Tagliaferri on criminal and civil fraud charges. Tagliaferri, 73, was arrested in the Virgin Islands in late February. Beginning in 2007, according to prosecutors, he defrauded his wealthy clients by funneling more than $120 million of their money to IEAH and others, in exchange for at least $4.3 million in ostensible fees, of which $1.6 million came from IEAH.

Tagliaferri put his clients into more than $40 million of notes from IEAH, without telling these clients that IEAH was paying him in return. He moved money from a deadbeat dot-com stock into IEAH to keep his clients at bay, allegedly paying them with other clients' money.

Iavarone and Schiavo haven't been charged with anything. But the majority of their money came from Tagliaferri, and as one bloodstock consultant who worked with IEAH puts it, it's hard to describe the scheme as anything but "a Madoff thing for the racing business."

[ct2346]

Smarmy. Love the word... and it applies so well here. I've always locked in on the greasy aspect of smarmy, but urban dictionary offers to take it in a lot of different directions...smarm douchebag slimy sleazy smarminess smug fake asshole sarcastic cheesy cocky greedy putty scumbag shitty smarmer smarmite smarmodon smarmosaur unctuous.

A Smarmodon? Love it. You learn something new every day.

But- when it comes to those that got fleeced here, PT Barnum was right. If you couldn't see that truck coming...

[madelyn]

Who, in their right mind, would consider dumping money into Iavarone's hands, to race some horses, an investment? Even more ludicrous, IEAH promoted it as a "hedge fund" ROFL

[Cree]

I've never completely understood the whole IEAH scandal (if you will). Thanks for the two article links. What a bizarre turn of events. To think they raced such wonderful horses as Big Brown and Kip Deville.

[bdw0617]

Can you imagine of Big Brown actually won the triple crown? yuck