‘God made millionaire’ Andrew Bodnar banned by ASIC

Kingdom Developments Group director Andrew Bodnar, who described himself as a “God-made millionaire” before the business went bust, has been banned by the financial services regulator.

Andrew Bodnar was one of two directors at Kingdom Developments when it went bust in 2023. Picture: Facebook

A self-described “God-made millionaire” whose property business collapse triggered one of Australia’s largest bankruptcies has been hit with a ban by the financial services regulator.

Andrew Bodnar was one of two directors at Kingdom Developments when it went bust in 2023, owing creditors – including mum and dad business owners, retirees, and even a global sports star – an incredible $131m.

Kingdom used a scheme where it sold shares in property purchases in NSW, Victoria, South Australia, Queensland, and Western Australia, promising up to 110 per cent returns once the properties were flipped into luxurious developments.

At the same time as investors were tapped for cash, simultaneous loans were taken out on properties via financial lenders or individuals who charged interest in double digits, in order to buy more properties.

Among the investors were swimming champion James “the Missile” Magnussen, as well as mum and dad businesses and members of Mr Bodnar’s church.

ASIC found that Mr Bodnar, who once wrote a book called ‘God Made Millionaire’, carried out financial services for a period of time without a licence.

A lengthy investigation by the Australian Securities and Investments Commission found that Mr Bodnar, who once wrote a book called “God Made Millionaire”, carried out financial services during that period, without a licence.

The probe found he was also “engaging in misleading and deceptive conduct regarding the use and repayment of investor funds”.

The regulator has banned him from providing financial services, or controlling a business that does, for six-and-a-half years.

When the Herald Sun revealed the extent of the collapse in 2023, Mr Bodnar said he intended to pay investors back, and denied running a Ponzi scheme because his company “did genuinely have 37 projects”.

“I took on too much,” he said at the time.

The Herald Sun attempted to contact Mr Bodnar on Saturday.

Executive director of enforcement at the ASIC Chris Savundra said Mr Bodnar had shown a lack of professionalism and judgement, and while there appeared to be no intent to defraud clients, a lengthy ban was still warranted.

“Mr Bodnar’s conduct showed a disregard for the laws designed to protect investors,” he said.

“It is incumbent on anyone accepting investor money to ensure they are operating legally and understand their obligations to the investor.

“Mr Bodnar failed to meet this obligation and, as a consequence, has demonstrated he is not a fit and proper person to engage in financial services in the future.”