With ASIC on Friday securing declarations in the Queensland Supreme Court that Ken Grace's Goldsky hedge fund operated without a financial services licence, it's worth revisiting the adage that not all that glitters is gold.

Not least the investment advice offered by Goldsky's hefty backers and investors, whose celebrity cachet the hedge fund gladly drew on. Giving the keynote at the launch of Goldsky's Global Alpha Fund in 2017 was none other than Mark Bouris, of Apprentice fame, evidently taking a break from endorsing Pauline Hanson's "honesty" and the prodigious returns of pink diamonds.