Like many (I've read similar comments to those I am about to make here on social media in reaction to this sort of thing) I've always been confused as to why so many victims get lured into this sort of thing.
I have never been approached and invited to get involved in anything like this.
Do they target individuals they sense might be susceptible, do certain people even seek them out, I'd imagine the majority of us are obviously savvy enough to be not even worth approaching.
Some people in my area fell for something not entirely dissimilar about ten years ago:
Hampshire man admits £4m betting fraud - BBC News
The profile of one victim I vaguely knew was: early middle-aged, I'd say average intelligence or slightly below, interested in betting but, like so many, didn't know as much as he thought he did and in fact had little idea how much more there was to know than he did, but then isn't that the profile of so many recreational punters?
And a few years ago I heard about what sounded like another such scheme and was astounded to hear one bloke, recently retired and who I'd hitherto considered reasonably on the ball, talking about going to an introductory meeting to find out what the scheme was about.
Racing and betting do strange things to some people.
It makes savvy businessmen who've ruthlessly made fortunes become patsys for callow public schoolboy bloodstock "advisers," it makes otherwise rational educated professional people join Ponzi schemes.
We live in a world where numerous people are successful and accumulate money, yet remain fundamentally naive on some levels, hence vulnerable to these sort of cowboys.
They obviously never in their youth watched Guys And Dolls and missed Sky Masterson (Marlon Brando)'s "cider in your ear" anecdote: