William O'Dwyer, director and founder of Australian construction company Ralan Group, spentmoney of clients for personal holidays and investments in cryptocurrencies.
Chinese and Australian investors who investedmoney into this insolvent developer are now unlikely to be able to get their money back, since according to a report from the auditing firm Grant Thornton, Ralan Group's debts to creditors amount to $564 million, and the projects that have begun are unlikely to ever be completed.
Since 2008, the Ralan Group has accepted deposits frombuilding clients with an interest rate of up to 20%. The first signs that the company was experiencing financial difficulties began to appear in 2014, when money from the accounts of some projects began to be transferred to finance others. The result was that in July of this year, the Ralan Group ceased all activities.
As Grant Thornton analysts note, during the periodFrom 2016 to 2019, O'Dwyer withdrew large sums of money from the company's accounts, which he subsequently spent on personal needs, and also invested in cryptocurrencies. However, it is not reported exactly how much was spent on cryptocurrencies and how successful these investments turned out to be.
Today William O'Dwyeraccused of fraudulent financial statements, violating the Corporations Act and providing investment management services without proper registration.
</p></p>Read this:
Coincheck Exchange will reward customers with cryptocurrency for gas consumption
CME Group will launch options based on bitcoin futures
Canada's financial regulator takes control of the Einstein exchange
BBC: the owner of Tsargrad Konstantin Malofeev was involved in the theft of bitcoins from the Wex cryptocurrency exchange
How a trader can steal money from your account on the stock exchange API
Sberbank customer data again leaked to the network