Ponzi scheme couple who ripped off stars bankrupted, face grilling

A glamour couple accused of using a Ponzi scheme to rip off high-profile sports stars and buy genuine luxury items, then allegedly handing over worthless fakes to a liquidator, will face a court grilling over missing money.

Janey and Ken Grace

A GLAMOUR couple accused of using a Ponzi scheme to rip off sports stars and buy luxury items, then handing over worthless fakes to a liquidator, have been bankrupted and are set to face a court grilling to find out where the money has gone.

Kenneth Charles Grace, 54, from Isle of Capri on the Gold Coast, and wife Jane Marzin-Grace, 52, were bankrupted on December 5 after the liquidator of Ken’s companies told the Federal Circuit Court in Brisbane that Ken had used his company, Goldsky Asset Management Australia Pty Ltd, as a vehicle to operate a Ponzi scheme to misappropriate funds received from investors in a “Goldsky fund”.

$16m Goldsky fund ‘Ponzi scheme’ ensnares high-profile sport stars

Lawyers unable to efficiently help accused ‘Ponzi boss’ Ken Grace, 53

ASIC investigates whether Goldsky fund is Ponzi scheme after clients pay $16m

“The Goldsky Scheme would generate returns for investors not by undertaking any trading activity, but by utilising the capital of new investors to pay out previous investors,” lawyers for liquidator Charles Baskerville said in submissions.

Mr Baskerville alleges in a creditor’s petition that Mr Grace took $1 million without authorisation from an account owned by Goldsky on September 28 and used it to pay for personal expenses and for his own use.

His lawyers allege Mrs Grace also unlawfully took $100,000 from another account owned by Goldsky to pay for personal expenses.

Mr and Mrs Grace will face a four-day liquidators’ examination hearing in the Federal Court on February 11, court documents state.

Others to be summonsed include Goldsky’s former business development manager, well-known former Brisbane Lions head physiotherapist Victor Popov.

An earlier hearing in the Supreme Court heard Mr Popov invested up to $400,000 in the scheme.

Mr and Mrs Grace have been ordered to bring “all books and records” of the Goldsky companies.

Goldsky has been wound up but $24 million of investor money is missing.

Investors included Olympic swimming legend Samantha Riley, cyclist Robbie McEwen and Brisbane Lions champion Simon Black.

Others allegedly ensnared in the fund were Essendon AFL player Devon Smith ($100,000), former Lions star Clark Keating ($100,000), Riley’s husband Tim Fydler ($100,000) and Melbourne Storm performance director Lachlan Penfold ($127,559).

Last May the Supreme Court ruled Goldsky Global Access Fund, Goldsky Asset Management Australia and Goldsky Investments all operated unlicensed on various dates in 2017 and 2018.

Last year Mr and Mrs Grace handed jewellery, luggage, clothing and a Mercedes-Benz that had been bought with Goldsky funds to the liquidator, court documents state.

The assets were valued and sent for auction, but the liquidator allegedly found many items, including a Rolex watch and Louis Vuitton loafers, were fake and as such held minimal value.

The returned items were only allegedly worth $18,000 and included a Rolex watch, an Audemars Piguet watch, Louis Vuitton luggage, seven Tiffany jewellery items and a Mercedes-Benz C200.

Clark Keating

Sam Riley