Aussie Grandmother’s Ponzi Scheme

Someone who looks as harmless as a gerbil can do a frightful amount of damage.

Like me, you were probably raised to respect your elders. If, like me, you are now firmly in the “elder” category, it has probably occurred to you that many of your fellow elders are not very nice people. While it might surprise youngsters, it is no surprise to those of us in the back half of life that many investment scamsters are in their 60’s and 70’s. And it’s the same all over the world, as a story from Australia proves. According to The Newcastle Herald: (more…)

Another Aussie Ponzi?

Cautionary thoughts don’t stand a chance in the presence of all of that positive feedback.

Recemtly, we learned of yet another alleged Ponzi from Australia. According to PerthNow: (more…)

Kiwi to Face Aussie Charges in June

It is rare these days for a scamster to confine his operations to a single jurisdiction.

One of the more satisfying things about hosting InvestorsWatchblog is seeing where our readers are from. More than half are from outside the United States. We therefore love to cover stories of alleged investment fraud beyond the States. Our brothers and sisters down under will be treated to headlines this summer from a case that spans the globe. According to (more…)

The Epidemic is Global — A Tragedy in Australia

Since the advent of Social Security, there has never been a time in which people will be more reliant on the nest eggs they’ve been able to accumulate over a lifetime of working and saving.

The advertisements for the building in which James Kentwell Lovell lived tell the story:  ”Located in the most sought after residential precinct in Brisbane (Australia), The Hudson represents exclusivity at its best.”  Clients in his investment firm knew that Lovell helped sponsor Mercedes Benz Fashion Week in Brisbane and that he claimed to be a part owner of the Queensland Reds, a local rugby team. Perhaps they thought, as so many have, Think of how well my investment must be doing if James can afford this kind of lifestyle. Regular readers of Investor’s Watchblog will not be surprised to learn that Lovell was living the good life with his clients’ money.  His whole operation was an elaborate Ponzi scheme.  The devastation that Lovell wrought over the eight years that he operated his scheme came out at a court appearance last week, at which his victims had an opportunity to tell the Court about the impact of Lovell’s crimes. Covering the story for the Brisbane Times, Amelia Bentley wrote: (more…)

Ponzi Schemes Surge Down Under

A better restatement of a widely known axiom is, “If it seems too good to be true, you are talking to an amateur scam artist.”

For the past two years, Investor’s Watchdog has been warning that there is tsunami of investment fraud breaking over the world.  We call it the Worldwide Scamdemic.  Officials in Australia are warning citizens that they are living under the shadow of that wave.  According to the International Business Times: (more…)

According to an article in the Australian Securities and Investment Commission (ASIC) has won court approval of a proposal to wind up 13 companies associated with a possible Ponzi scheme.  The ASIC is concerned that the companies may have defrauded $16 million from more than 100 investors in the Victoria area.   The ASIC’s court victory allowed the ASIC to appoint an insolvency expert to wind up the affairs of the companies, including Meloka Pty Ltd, Contango Investments Pty Ltd, DIX-Walker Pty Ltd and Teronte Pty Ltd..  According to the ASIC, Peter van de Steeg, Jonathan Ezzy and Peter Berlowitz of Victoria and Scott Walker of Western Australia are  ”associated with the companies,” which promised profits from real estate investment and foreign currency trading. (more…)

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