Youpla collapse: Court freezes property belonging to former boss Bryn Jones

Youpla former director Bryn Jones’ share in a Queensland property has been frozen after action by the corporate regulator.

Youpla’s collapse in March left the bodies of loved stuck in morgues.

Exclusive: The Federal Court has frozen a former director of failed Aboriginal funeral fund Youpla’s share in a property in Queensland amid an investigation into the collapse by the corporate regulator.

Justice Kylie Downes issued a freezing order barring Bryn Jones from selling or borrowing against his half of the property, in the Currumbin Valley near the NSW border, after a 14-minute hearing on Tuesday afternoon.

The hearing, the result of an urgent application by the Australian Securities and Investments Commission, was held without notifying Jones and he was not present.

Justice Downes suppressed publication of an affidavit sworn by senior ASIC investigator Peter Connor that sets out the reasons the regulator sought the freeze.

The other half of the property is owned by Mr Jones’ parents, Handley and Dimity Jones.

Handley Jones told News Corp ASIC had “got it terribly wrong”.

“All funds that were provided towards purchasing the property were provided by Dimity Jones and Handley Jones,” he said.

“It comes from the sale of our previous house, which was owned by Dimity and myself.”

Youpla, formerly known as Aboriginal Community Benefit Fund, collapsed in March, leaving thousands of people without funeral coverage and the bodies of loved ones stuck in morgues.

The collapse forced the Albanese government to bring in an emergency scheme so that Youpla members could afford funerals.

Mr Jones appeared at the banking royal commission in 2018, where he gave evidence he had no qualifications or experience working in insurance and got the job through his father, who knew Youpla founder Ron Pattenden.

Mr Pattenden does not appear to have any assets remaining in Australia. He sailed from New Zealand to tax haven Vanuatu aboard his luxury yacht, Dreamcatcher, earlier this year.

Property records show Mr Jones and his parents bought the Currumbin Valley property for $745,000 in February 2020.

In court on Tuesday, counsel for ASIC, David McClure, SC, said there was no imminent threat that the property would be sold this week.

He said court paperwork would be served on Mr Jones and companies in the Youpla group by 5pm on Friday.

“They’re the entities of which Mr Jones was a director or officer,” he told the court.

Members poured tens of millions of dollars into Youpla, paying up to $30,000 into the scheme over the years in return for coverage that generally paid out just $8000 towards funeral expenses.

The asset freezing case returns to court next Tuesday.

Mr Jones has been contacted for comment.

Originally published as Youpla collapse: Court freezes property belonging to former boss Bryn Jones