Posted on: July 5, 2021, 03:58h.
Last updated on: July 5, 2021, 04:35h.
A fugitive fraudster accused of running a A$325 million (US$245 million) Ponzi scheme passed $8 million of his clients’ missing funds through the Crown Melbourne Casino, Australian newspaper The Age reports.
Michael Gu, whereabouts unknown, is the founder of Sydney-based property group iProsperity, which collapsed last year owing hundreds of millions to investors.
Authorities believe he conned clients by claiming he was buying a portfolio of commercial property in Australia. In fact, he and his CFO, Harry Huang, were misappropriating investor funds to pay other investors while living the high life, according to a report by administrator KPMG, published last August.
Gu allegedly used the company like his own personal…