More than $54m tied up in collapse of investment companies
Liquidators say collapsed investment firms had no external revenue and operated as Ponzi-like schemes.
Investment companies have collapsed with more than $54 million in funds at stake. Liquidators found the failed firms had no outside source of revenue, instead relying on new investor money to cover running costs, interest payments and withdrawals by existing investors.
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More than $54m tied up in collapse of ‘NZ’s Donald Trump’ investment companies
Liquidators say the failed companies had no outside source of revenue, with new investor money appearing to fund running costs, interest payments and withdrawals by existing investors.