Regulators suspect Goldsky fund is a Ponzi scheme

High-profile Queensland athletes are among the victims of a $13 million hedge fund regulators suspect is a Ponzi scheme. SEE THE LIST

A FUND that regulators suspect is a Ponzi scheme, and which has embroiled some of the state’s most high-profile athletes, has a shortfall of $12.5 million, court documents reveal.

A court-appointed receiver has estimated investors in fund manager Ken Grace’s Goldsky fund are owed $12.9 million, but there is only $314,124 in the receiver’s bank accounts.

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A list of more than 40 investors has also been included in the report by Anthony Castley, from firm William Buck, filed in Brisbane Supreme Court on Monday.

The Australian Securities and Investments Commission had previously claimed the fund had 50 investors, including Olympic swimmer Sam Riley, cyclist Robbie McEwen and former Brisbane Lions player Simon Black.

Mr Castley said he had been hampered in getting full details of the investments and where the money had gone by Mr Grace who failed to give him updated spreadsheets.

In his report Mr Castley said that the vast majority of money in the Goldsky bank accounts had come from investors.

Former Olympic swimmer Sam Riley

Former Brisbane Lions player Simon Black

Mr Castley also states that $6.85 million had been paid out of Goldsky’s bank accounts, including $1.8 million to buy a Kingscliff house where Mr Grace lives with his wife Jane, and $144,000 for stays at the five-star Park Hyatt hotel in Sydney.

Mr Castley’s affidavit stated that $133,739 from Goldsky’s accounts went to pay for furniture and home expenses, $36,347 for cars and $410,418 for flights and accommodation.

“It may be established that there is some right of action for the recovery of the items acquired or the repayment of an amount equal to the value of private expenditure from the party who obtained the benefit,” Mr Castley wrote in his report.

Separately, liquidator Chris Baskerville of Jirsch Sutherland was appointed to three Goldsky companies at a meeting late last week.

Last month ASIC froze the joint bank counts of Mr and Mrs Grace in a bid to protect the interests of investors.

ASIC alleges Mr Grace was unlicensed to run the scheme and suspects it was a Ponzi scheme.

Full list of victims

Investors listed in Mr Castley’s report filed in court:

Benjamin Tangye $50,000

David Bick $25,000

Murray Bird $200,000

Simon Black $80,000

Todd and Mike Blewitt $165,000

Andrew Woods $1.465 million

Glenn Cartwright $2.475 million

Christine Chauntler $300,000

Tregakis $250,000 (no other name mentioned)

Clark Keating $100,000

Benjamin Clement $60,000

Rachel Cunningham $90,000

Dean Ryan $100,000

Troy Dowker $110,000

Dowker Enterprises $180,000

Timothy Farquhar $200,000

Tim Fydler $100,000

Stephanie Heyer $1.26 million

Heyers Autos Pty Ltd $740,000

Katrina Marwood $50,000

Innis Family Super $25,000

Kane McDonald $930,000

Phillip Kaljo $1.3 million

Helene LeFebvre $256,853

John McArdle $50,000

Robert McEwen $50,000

Michael Casey $35,000

Charlotte Meunier $73,642

Murray Swan $100,000

Alistair Mytton $50,000

Paul Neighbour $300,000

Guiller Odile $140,000

Lachlan Penfold $127,559

Penguin $300,000

Sam Riley $50,000

Phillip Smithers $300,000

Smith D $100,000

Jeffrey Smith $30,000

Samantha Smith $100,000

Steven Snow $140,000

Nagaroopa Somisetty $252,498

The Fox Trust $450,000

Total Integrated $580,000

Scott Volkers $220,000

Young Super/Serenity Holding $750,000