The scam involved a syndicate said to be headed by former bloodstock agent John Gillespie, which purchased a horse that looked almost identical to Fine Cotton and performed better. Unfortunately for the syndicate, this horse (Dashing Soltaire) was injured and unable to race when the ring-in was due to take place. Having already invested money and gone so far, the syndicate decided to find another horse. With time running out, they purchased a horse called Bold Personality, an open-class horse several grades above Fine Cotton.