Former mining exec Ian Stolyar accused of hiding assets in mum’s name

On paper Faina Stolyar, 79, looks like a stockmarket guru with an expensive taste for prestige property. But her son Ian’s creditors beg to differ and are chasing his and his wife’s debts in the Federal Court after he declared bankruptcy. SEE LIST OF PROPERTIES

• Coca-Cola shareholders duped by dodgy scheme
• AFL star breaks silence over BeFit gym fiasco

A retired pensioner managed to amass an eastern suburbs property and share portfolio worth tens of millions, while on a widow’s pension, in the lead-up to her son’s bankruptcy.
Now her son, former mining executive and mortgage broker Ian Stolyar, and his wife Beth Nguyen, have been accused of hiding their assets in the elderly woman’s name to dodge their creditors.

Ukrainian-born Faina Stolyar, 79, has acquired more than $3 million worth of shares and some of the city’s most prized waterfront properties despite being on a widow’s pension since 2002.

Ian Stolyar and his wife Beth Nguyen have been accused of hiding their assets in Ian’s elderly mother’s name.

A statement of claim filed in the Federal Court by the trustee of the Stolyar’s bankrupt estates, Andrew Scott, alleges Mr Stolyar bought homes for his mother and transferred property into her name while he was being chased for money through the courts until he was bankrupted in 2016.

MORE NEWS:

Tinder trojan horse: Police allege hook-up led to ‘murder’

Shark circled heroes in 10-minute ordeal

The claim states Mrs Stolyar’s only income in 2002 came from welfare payments but since then she hasn’t earned anything.
Yet by 2016 she had four eastern suburbs properties in her name including a sprawling three-bedroom, three-bathroom harbourfront home in the heart of Rose Bay.
The waterfront home was purchased from retired Justice Michael Kirby for $10.7 million and sold in 2020 for $16.6 million.

The harbourfront home at 2 Dumaresq St, Rose Bay, was in Faina Stolyar’s name before it sold for $16.6m in March.

Mrs Stolyar also acquired a three-bedroom sub-penthouse with panoramic Bondi Beach views and a personal valet service worth $6.75 million, and another two apartments in the sought-after coastal suburb.

Fanchel, a company of which Mrs Stolyar was the sole director, amassed a share portfolio worth $3.39 million by 2015.

Mr Stolyar has denied bankrolling his unemployed mother’s stunning stock market success, including a further $7.8 million she made from the sale of mining company shares in 2008.

In a defence filed in court, Mrs Stolyar admitted her son bought some shares in her name but denied it was with his money.

But the trustee alleges in the claim that Mrs Stolyar had no material financial resources of her own to purchase the shares and the assets were moved to her so they could not be divided among Mr Stolyar’s creditors.

The trophy home was purchased from retired Justice Michael Kirby for $10.7 million.

The Sunday Telegraph understands the Australian Taxation Office has also launched an investigation into Mr Stolyar in relation to $10 million tax liability, including penalties and interest.

The 53-year-old made his own fortunes in the stock market including $10 million selling mining shares in 2008.

However, he was taken to court in 2010 by his former employer, Royal Guardian Mortgages (RGM) in Burwood.

The penthouse at 152-162 Campbell Pde, Bondi Beach.

Royal Guardian Mortgages employed Mr Stolyar and his wife as mortgage brokers on an annual base salary of $125,000 per year from 2003.

Royal Guardian Mortgages paid a commission to brokers for the referral of clients who went on to secure loans.

According to the claim brought by the trustee, the Stolyars set up a business, Dibelle Finance, using beauty therapist Denise Chahine as a front woman.

Dibelle Finance referred borrowers to RGM and the practice netted the Stolyars $1.5 million in commissions between April 2003 and November 2004.

It’s alleged Ian Stolyar transferred an Ocean St apartment in Bondi into his mother’s name.

While Ms Chahine was the supposed broker, the “work was undertaken by Mr Stolyar” to draw commissions from his own employer, the claim said.

In 2010, RGM kicked off legal action against the Stolyars for breach of duties.

As a judgment neared in 2013, it is alleged Mr Stolyar transferred an Ocean St apartment in Bondi into his mother’s name.

The trustee alleges this was done to prevent the property being divided among his creditors or to hinder or delay the process.

However, in a defence filed in court, Mr Stolyar claimed at the time he had three other properties, including a $13 million unit in Point Piper, Kirribilli and Bellevue Hill, that creditors could have laid claim over.

The case is set down for a mention in the Federal Court in August.

Originally published as Former mining exec Ian Stolyar accused of hiding assets in mum’s name