Sy Giang Nguyen, Keith Roger Greenwood accused of defrauding genU

The identities of two men accused of being involved in an elaborate scheme that allegedly saw Geelong-based disability service provider genU defrauded of $14.5m have been revealed.

Keith Greenwood

The Geelong Football Club has stayed quiet on two player sponsors accused of being involved in an elaborate scheme that allegedly saw disability service provider genU defrauded of $14.5m.

Newtown man Sy Giang Nguyen, 57, and 74-year-old Keith Roger Greenwood, of Lara, as well as Mr Greenwood’s company Ryrie Office Machines, are being sued by genU.

Ryrie Office Machines, a business supplies business, describes itself as an “integral part of the Geelong Football Club for over a decade”.

“As the heart of Geelong, Ryrie commits annually to sponsoring the bulk of the first year players (of whom are unable to secure corporate sponsorship),” its website said.

Mr Nguyen has also been listed as a player sponsor of the Geelong Football Club.

Giang Nguyen

Mr Nguyen, who is understood to have previously worked at genU for a number of years, and Mr Greenwood are accused of working together to allegedly fraudulently obtain funds from genU in the sum of $14.5m.

GenU is seeking compensation and has taken the matter to the Supreme Court.

Authorities said the matter was first reported by genU to police in February 2023 after it found suspicious activity relating to accounts being wrongfully charged to the organisation.

Police allege the activity occurred during a five-year period and involves several million dollars.

In September it was revealed that detectives were assessing financial and business records as part of their investigation.

GenU chief executive Clare Amies said the organisation would continue to work with police “to ensure justice is served”.

Mr Nguyen and Mr Greenwood were both arrested in relation to the alleged fraud, but were released pending summons. No charges have been laid.

Mr Nguyen, Mr Greenwood and Ryrie Office Machines had freezing orders imposed against them in September.

The freezing orders meant they were not allowed in any way to dispose of, deal with or diminish the value of any of your assets which are in Australia worth up to the unencumbered value of $14.5m.

Mr Nguyen’s lawyer, Roger Vrachnas of Gigliotti Lawyers, said his client would not be making any comment on the matter.

Mr Greenwood denied the allegations and said he would not comment on the matter any further.

A spokesman for genU said it was proceeding legal action to hold those responsible to account.

“Seeking recovery is important to genU so the money can be used for its intended purpose,” the spokesman said.

Although genU recorded a $29m loss of 2023/24, the spokesman said it did not impact their operational capacity.

“All funded services to clients were delivered and all contracts fulfilled,” he said.

“The situation did not impact genU’s service delivery or clients or relate to the claiming of National Disability Insurance Scheme payments, or any other funds received for client services.

It is understood that the Geelong cats had not been made aware of the alleged fraud involving Mr Nguyen and Mr Greenwood before media reports.

On Tuesday, a club spokeswoman said because the matter was before the courts, it would not be commenting on the issue.

Originally published as Sy Giang Nguyen, Keith Roger Greenwood accused of defrauding genU