Robert Bates, the founder of the Aquamamma and Aurum+ wellness empire, allegedly told his wealthy investors that “no one has ever lost money investing with me” and he would buy back their shares if companies that were part of the now-collapsed group failed to reach revenue targets.

Despite repeated promises, however, those companies never provided any financial accounts as required, according to new documents filed with the Supreme Court in NSW by six aggrieved investors who are accusing Mr Bates and others involved in marketing the companies of fraud.