Gold Coast business: Citi Private Capital – linked to loan scam – falls into administration

The administrator appointed to Citi Private Capital is urging creditors to come forward and say if they are owed money.

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THE Gold Coast company behind an alleged loan scam has gone bust.

Citi Private Capital was placed into voluntary administration on September 30 following a motion from sole director Jarred Scott.

The company forms part of allegations by Queensland Police that Anton Mentz – formerly known as Marius Ackerman – used it to defraud borrowers of tens of thousands of dollars.

Mentz is alleged to have taken large upfront fees from borrowers looking for commercial loans and then made no attempt to obtain the finance.

Administrator Travis Pullen, of B & T Advisory, said it was too early to say whether there would be a return to creditors.

Anton Mentz – formerly known as Marius Ackerman – is alleged to have used Citi Private Capital as a front to scam borrowers of tens of thousands of dollars.

Mr Pullen said he understood Mr Scott had taken the decision to place the company into administration because it was insolvent.

He said he would be attempting to recover any monies owed to creditors of the company, including victims of the alleged loan scam for which Mentz was arrested.

“I will investigate the history of the company’s operations and its affairs and report these findings to both ASIC and to creditors,” Mr Pullen said.

“My investigations are too preliminary at this stage to advise as to whether I anticipate there will be a return to creditors.”

Screenshot from citiprivatecapital.com.

He said he would provide his administrator’s report to creditors next month with a meeting expected to take place in the first week of November by which time he expected the company to have been placed into liquidation.

Mr Pullen said he had met with Queensland Police to discuss “background information” on the company.

He urged Citi Private creditors to come forward and say if they are owed money.

Mentz appeared in court in August after being arrested over allegations he ripped off at least eight people by $99,000.

He faced one count of fraud and one count of contravening a direction to provide a password to an electronic device.

He was granted bail on condition he wore a GPS tracker.

During his appearance defence lawyer Chris Schrader, of Legal Aid Queensland, said Mentz strongly denied the charges.

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