How arrested Australian couple Adriana Kupresak and Luka Matak allegedly defrauded investors
Investors who gave their hard earned cash to former Sydney couple Adriana Kupresak and Luka Matak, have revealed for the first time how the couple allegedly defrauded investors.
Companies
Don't miss out on the headlines from Companies. Followed categories will be added to My News.
People in three countries trusted an Australian man accused of fraud in Croatia to invest millions of dollars for them, sources say.
Luka Matak, 31, and his wife, Adriana Matak (nee Kupresak), 36, are being held in Remetinec prison in the Croatian capital of Zagreb, after being arrested a week ago over allegations they have defrauded five people there of about 350,000 euros ($587,000).
But sources who trusted Mr Matak with their money, estimate he was given at least 2.5m pounds ($4.9m) from investors in Croatia, Britain and Australia who were promised returns of up to 20 per cent a year.
The Mataks, who have not been charged, lived a life of luxury that included first-class flights, meals at Michelin-starred restaurants, Rolex watches and Hermes handbags.
They moved between London and Croatia, with a stint in Dubai during Covid lockdowns that one investor said included three months staying at the luxurious Palazzo Versace hotel.
Mr Matak, a former bartender from Sydney who described himself in UK company documents as a “hedge fund director”, told potential investors he had never worked in the financial services industry but started investing when he was 15, “purely as a hobby, starting with $2000”.
In a promotional brochure for the “Hedgehog Capital Fund”, he said that by the time he graduated from Macquarie University in 2015 the nest egg had swelled to $100,000 and he now had six million pounds – half the money in the fund.
The brochure claims the fund was run by Mr Matak and Alan Waxman, a successful British property developer, who Mr Matak met outside a cigar shop.
But Mr Waxman said he had invested money with Mr Matak and never got it back.
“I invested some money and then when I wanted to take the money back it wasn’t forthcoming,” he said.
Another UK investor, who spoke on condition of anonymity, said he met Mr Matak in 2021 through his girlfriend’s friendship with Mrs Matak.
He went on to invest 150,000 pounds with Mr Matak, reassured in part by a guarantee he could withdraw the money in the event of a 10 per cent drop in the investment’s value.
“We thought they were friends,” he said.
He said that when he asked to withdraw his money, Mr Matak gave him “bulls--t excuses” for months that included claiming to have problems with his bank account or his broker.
Mr Matak did not return the money and left for Croatia, he said.
An Australian investor who asked only to be identified by his first name, Mark, said he had known Mr Matak since primary school.
Mark said he invested $45,000 with Mr Matak in 2017 and three other friends put in similar amounts. A friend’s father invested $100,000 while a single mother Mr Matak was dating invested $5,000, he said.
He said Mr Matak failed to return the money when the Australian investors asked for it.
“He had different stories for everyone,” he said.
“He tried to get sympathy from us, he said he was so sorry, he was suicidal – it’s all bulls--t.”
Adriana Matak, who uses her maiden name of Kupresak online, worked with the Croatian Tourist Board to spruik the country as a holiday destination.
She was born in Croatia, but lived in Sydney from the age of one.
Her father was a Sydney United football player, Velimir Kupresak, who retired in 2001.
Originally published as How arrested Australian couple Adriana Kupresak and Luka Matak allegedly defrauded investors
ASX 200 down; Metcash, Audinate drop
WiseTech, MinRes dogged by founder concerns. Wine exports figures reflect China impact. Metcash a 'sell' on market erosion, growth hurdles. Audinate warns on profit amid 'headwinds'. AGMs at Suncorp, Transurban and Magellan.
Read more
Virgin pushes for quick decision on extra Qatar flights
Virgin Australia has asked the competition watchdog to fast-track its decision on a deeper relationship with Qatar Airways, so more flights to Doha can get underway from June.
Read more