Fallen funds management outfit Blue Sky wrongly accounted for performance fees from a student accommodation venture and a loan for ultimately fizzled footwear venture Shoes of Prey, according to a new lawsuit.
These problems and others resulted in Blue Sky Alternative Investments “materially” overstating revenues or receivables in financial accounts for years to investors, the class-action lawsuit has alleged.
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Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
