CLUB FOLKLORE

ESIC SCAM WARNING

April 13 Earlwood

The Earlwood Securities and Investment Commission (ESIC) has issued a public warning regarding "get rich quick" schemes, in particular those involving horse racing.

A senior ESIC spokesman, Seve Hemosteros, addressed a packed media conference on the subject earlier today.  "One scheme in particular, Tubster's 100% Winning Bets, has been brought to my notice by commission staff.  I warn the public of the risks associated with this scam, and the history of its promoter, the elusive Tubby Waldorf.

"Our research shows that the promoter has once again embarked on a multi-media marketing blitz.  Ads are now appearing in local and national newspapers under various headings including 'I was a successful schoolboy punter and nothings changed over the last 30 years' and 'Punt drunk and winning'.  Local radio stations are even playing the scheme's catchy jingle, 'Bets all day, drinks all night, Tubby, Tubby', on their high rotation lists.

"Members of the public, drawn by a loosely worded money back guarantee, are told to ring an 0418 mobile number and register to receive at least one winning tip on each of the next four Saturdays.  The person's credit card is immediately billed for $140, a $100 registration fee and a $40 charge for access to a recorded message on each of the Saturdays.

"Remember the old saying 'If it sounds too good to be true then it probably is'.  The money back guarantee only applies to the weekly $10 access fee and then only if a winner is not mentioned from among an average of 20 tips per race meeting.  The rest of the money goes into administration fees and is not covered by the guarantee.

"The public should be aware of Mr. Waldorf's previous dealings with this office.  In 1994, the commission found him guilty of deceptive conduct over the promotion and activities of the 'If it's good enough for my cash, why wouldn't you want the tip' scheme.  A number of his clients sought help from the commission when they found out Mr. Waldorf did not back the horses he had tipped.  It found his excuses that the horses in question did not represent value, as they were much shorter in on course betting than he had anticipated, or that unforeseen track conditions did not favour his selections, to be spurious at best.

"Clients also complained of receiving the same recorded message on each of the first three Saturdays - 'Sydney race 1 – 2 to win from 4 and 5, races 2 and 3 – no tip (2yo events), race 4 – chances 2, 4, 6 and 7 (seven horse field), race 5 – 4 to beat 1, 2 and 3, race 6 – chances 1, 2 and 3, race 7 – 2 to beat 3, 6 and 11, race 8 - 1 or 3'.  When formally questioned by ESIC, the promoter denied that his social activities were more important than providing a reliable and up-to-date service to his clients.  'Between dances, dancers and dessert on Friday afternoon at my city club, Men's Gallery, I review their complimentary Sportsman and I always check the weather and track conditions when I get the cab home on Saturday morning.  That the numbers may have been the same on those three days is just a strange coincidence, but obviously the horses racing at the second and third meetings would have been different.'  When confronted by the fact that races 3 and 4 on the second Saturday were the 2yo events, and on the third Saturday there were only seven races, Mr. Waldorf stated he suffered from a rare form of Anslow Dehydration (AD) that adversely affected his recall of most weekends.  He produced a medical certificate from a local AD expert, Morisset physician Dr. Talbear, which supported his statement.

"When questioned about his expertise as a tipster, he said 'I throw it all into the equation – weights and measures, breeding, programming, sectionals, likely race scenarios, jockeys and barriers – and then I make my selections.  It probably takes me about 2 hours per meeting.'  He was then shown exhibit A, a Sportsman recovered from the Men's Gallery.  'Do you play darts at the club?  'No.'  'Can you tell the commission what has caused these numerous small indentations in the form guide?'  'No.'  Exhibit B was then produced, and Mr. Waldorf was informed it was an affidavit from the owner of the Bexley North haberdashery shop.  'Are you familiar with term lucky pin?'  At this point, Mr. Waldorf waved his medical certificate and declined to answer further questions.