Multi-millionaire conman Kenneth Charles Grace found dead on day he was due to be sentenced

A multi-millionaire conman has been found dead in a Sydney motel, on the same day he was due to be sentenced for a Ponzi scheme which has left up to $24 million unaccounted for.

A multi-millionaire conman has been found dead in a Sydney motel, on the same day he was due to be sentenced for a Ponzi scheme which has left up to $24 million unaccounted for.

Kenneth Charles Grace left a trail of victims, including Olympic and sports stars, who he ripped off by embezzling millions through his business Goldsky which he ran from his Kingscliff base on the NSW north coast.

Grace pleaded guilty in April 2023 to six charges of dishonest conduct in relation to his investment fund and was due to be sentenced at Downing Centre District Court on Thursday.

But the conman never arrived, with his lawyers unable to account for his whereabouts.

An arrest warrant was issued that day for his arrest after his lawyers were unable to contact him.

Kenneth Charles Grace (left) on his way to court. Image: AAP

Police confirmed the body of a man was found on Thursday at a motel in Foveaux St, Surry Hills.

“A report will be prepared for the information of the Coroner after the body of a 58-year-old man was found in a CBD motel last week,” NSW Police said in a statement.

“Officers from Surry Hills Police Area Command were called to a hotel on Foveaux St about 1.15pm last Thursday (18 January 2024), after a man was found deceased in his room.”

At least $24m is still missing following the collapse of the business.

Former Olympic Swimmer Sam Riley is one of the high profile people who invested in his scheme. Picture: Nigel Hallett

Grace had claimed to clients his business would generate returns of 20 per cent per year, with former Olympic swimmer Sam Riley and Olympic cyclist Robbie McEwen among investors owed money by the crooked businessman.

Olympic cyclist Robbie McEwen was another high-profile investor. Picture: Jerad Williams

The business was liquidated in 2018 amid accusations Grace was using funds garnered from investors for himself in a complex Ponzi scheme, which saw him enjoy a luxurious lifestyle which included renting out a lavish Sydney Harbour home with its own motorboat.

Grace’s business was also probed in the Federal Court and the Queensland Supreme Court.

Kenneth Charles Grace outside Southport Magistrates Court.

A Federal Court in Brisbane heard in 2020 that some of the money from investors in Grace’s business had been used to hire a private jet for his stepdaughter so she could fly to Sydney from Queensland to get breast implants.

The same case heard Grace agree he had pumped $17,000 of investors’ cash into hiring the private jet for himself and his family for the trip.

Grace had previously claimed the fund’s liquidators hadn’t tried hard enough to find the missing cash, while also claiming he was the victim of cybercrime.

The Federal Court heard that some of those who invested with Grace included former AFL player and assistant coach Simon Black ($80,000), former AFL player Clark Keating ($100,000) and Melbourne Storm’s head of performance Lachlan Penfold ($127,559).

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