Trainer Juan Serey has had his license revoked by New York regulators, who found him "financially irresponsible'' and, therefore, unable to remain in business as a Thoroughbred trainer.
The state Racing and Wagering Board's actions comes after regulators gave Serey more than five months to work out a financial dispute he had with his brother, a fight that resulted in a New Jersey court last year ordering Juan Serey to pay his brother $479,000 in damages.
Regulators in New York said the New Jersey dispute had a direct effect on Serey's ability to continue holding a training license. "The record and recommendation of the hearing officer speaks for itself,'' said racing board chairman Michael Hoblock. He said the board gave Serey four extensions this year to work out a settlement with his brother, Mario, who accused Juan Serey of taking funds from a horsemen's account. "Whatever negotiations there were fell apart,'' Hoblock said.
Serey's attorney, Karen Murphy, could not immediately be reached for comment.
Unlike a suspension, in which an individual can automatically go back into racing once a penalty period is over, the revocation means Serey is barred from training unless he re-applies and then is granted a new license. The racing board's actions represent a sharp fall for Serey, who only three year's ago was the state's top trainer.
The board had already ordered a 90-day suspension for Serey following the discovery of Ergonovine in two of his horses in December 1999. At the time of the race, Serey was out of the country. He took a break from training before serving the suspension.