Investors chase $23.5m after property mogul’s project collapses

Max Mason and Jessica Sier

Updated Mar 19, 2022 – 2.33pm, first published at Mar 16, 2022 – 4.00pm

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For Damien Rothstein it all started with a slick Facebook advertisement trumpeting “The Hopkins Formula” to property investment.

Canberra-based Rothstein had had some luck flipping properties in the United States and was keen to find new investments that would return more than 10 per cent. Buying old residential houses, developing them into units, and on-selling them in a hot Australian property market seemed like a great opportunity.

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Max MasonSenior courts and crime reporterMax Mason covers financial crime, courts 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

Jessica SierNorth Asia correspondentJessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics.