Business
Lamborghini part of $60m Ponzi scheme – The Australian Financial Review
The founder of collapsed property group Michael Gu used $290,000 of investor funds to buy a Lamborghini just weeks before his empire collapsed.
But among the most damaging revelations in the 83-page KPMG report is that $30 million was transferred from the trust account of Landerer & Company, run by prominent Sydney lawyer John Landerer.
Mr Kelly said this money was used “potentially to repay another investor”.
The report said the $30 million was transferred to a Singapore entity and “appears to be a redemption of investor funds” and was categorised in the trust account ledger as return of subscription money.
Michael Gu bought a L…
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