Cossey entered the horse business on a strong note in 1999, spending more than $2.5 million for 10 yearlings at the Keeneland September yearling sale.In late December, NBC news featured Cossey and TLC America in a "Fleecing of America" segment, saying he enlisted 2,600 people to invest $159 million in his business ventures that the program described as "dubious."The Securities and Exchange Commission has sued TLC, saying Cossey and partner Gary Williams "misused" $28.3-million on various schemes, including the purchase of 47 Thoroughbreds and 250 greyhounds for racing purposes, according to The Blood-Horse magazine
Horses being sold on behalf of Ernest Frank Cossey's TLC America grossed more than $2-million to boost the Barretts Equine Ltd.'s January mixed sale that concluded Jan. 23.With Havens Bloodstock acting as agent, Robb Evans, receiver of TLC America, sold 40 horses for $2,082,500. Top price of the consignment and top price of the sale was the $185,000 paid for Our Majestic Cat, a 3-year-old daughter of $185,000. American Czarina, also consigned on behalf of TLC America, brought the sale's second-highest price of $180,000.Based on the strength of the TLC horses and other major dispersals, Barretts reported 429 horses were sold for $6,026,200. The sale average of $14,047 represented a 149% gain over the 2000 sale average of $5,623 when 367 horses grossed $2,063,500. The 34 horses that did not sell represented 7.3% of the total through the ring. The buyback rate last year was 14%.