Robert Bates, the wellness start-up founder being pursued by his investors for more than $15 million, used a fake bank transfer to attempt to pay for a diamond ring for his girlfriend, Francesca Packer, forcing the heiress to come to his rescue and cover the cost of the deposit.

The Australian Financial Review reported in February that Mr Bates, 43, had failed to issue shares to high net worth investors in his Aurum+ anti-stress supplements business despite handing over what appeared to be shareholder certificates. Mr Bates first appeared on the AFR Young Rich List in 2020 with a purported wealth of around $175 million.