Australian Mutual Holdings, run by Gold Coast man Jeff Worboys in receivership

A second major investment fund run by Gold Coaster Jeff Worboys will surrender its financial services licence and be placed in administration.

Halifax Investment Services has gone into administration. Photo: Supplied

A SECOND major investment fund run by Gold Coaster Jeff Worboys and linked to what’s been described as Australia’s biggest Ponzi scheme will surrender its financial services licence and be placed in administration.

In a statement through Nyst Legal lawyer Brendan Nyst, Mr Worboys said he had placed his Sydney-based Australian Mutual Holdings into receivership this afternoon.

AMH managed the Trident Global Growth Fund, which is understood to have between 300 and 400 investors and hold around $20 million.

AMH was formerly the responsible entity for collapsed firm Courtenay House Capital Trading — which took $209 million from 780 investors, including the Mayor of Sydney’s Sutherland Shire.

Sydney funds manager Australian Mutual Holdings, run by Gold Coast man Jeff Worboys, is in receivership. Its Trident Global fund had up to 400 investors and about $20m under management. Photo: Supplied

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About 13.78 per cent of funds held by AMH’s Trident fund had been invested with Mr Worboys’ other failed stockbroking form, Halifax Investment, which is in liquidation with 12,000 investors in limbo over their $211 million nest eggs.

The statement said Mr Worboys, who was banned from the industry for six years earlier this month, now planned to leave the financial services sector.

It said he planned to sell out of his interest in Halifax’s US affiliate.

“Naturally he’s very disappointed with this latest development,” Mr Nyst said.

“But the board took the view there’s little to no likelihood that currently anticipated income will support the company’s ongoing expenses.”

Mr Nyst said Mr Worboys would work with receivers.

Sydney funds manager Australian Mutual Holdings, run by Gold Coast man Jeff Worboys, is in administration. Its Trident Global fund had up to 400 investors and about $20m under management. Photo: Supplied

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Liquidator Peter Krejci of BRI Ferrier said he was appointed to AMH about 1.45pm today.

Mr Krejci said it was clear AMH, whose director is banned from holding a financial services licence, could not continue to operate.

“The licence for AMH was going to be cancelled by ASIC so it had no option but to be placed into administration.

“We will run through a process and deal with the fund itself.

‘The only fund that remains is the Trident Fund.

“We will be liaising with ASIC about that fund.

“In all likelihood the fund will be liquefied in a strategic fashion such that we can distribute some value for unit holders.”

As many as 12,500 trading accounts belonging to up to 10,000 active clients in three countries have been frozen since November in the collapse of the Halifax Investment, which has closed its offices in Southport, Perth and Melbourne.