FALSE PROFITS

In 2016, Janette* was at a Christmas soiree at the Sydney Opera House, enjoying a soft drink with her investment group to celebrate another year of strong returns, unaware she was on the precipice of catastrophe. The mood was festive. The company director, Tony Iervasi, liked to invite his clients to a get-together once a year and Janette, now 70, had previously been to a company party at Sydney's Star Casino, and a day at the races in a roped-off area with free-flowing champagne and canapés. These gatherings made investors feel as if they were part of something but, Janette says, they weren't ostentatious or extravagant.
"It's not like he hired out the Joan Sutherland Theatre; it was just in the lobby area," she says of the Opera House event. "Yes, it's a bit flash to fork out for that," Janette supposes, but mostly she felt Tony was a "down-to-earth" kind of guy. "He was very nice. Ordinary," she says.
"He wore jumpers and trousers to the office. No flashy jewellery. No chains, nothing." He took the time to take his investors out for coffee. His office was unremarkable. "It was very plain. Computers in the background. A secretary on his floor," she says. Though she did note there never seemed to be much on his desk, Janette's point is she had no reason to suspect she was being scammed.
Yet, within months, the Bondi-based investment group, Courtenay House, would be shut down, its accounts frozen and its directors forbidden from leaving the country. The company that had promised, and delivered, strong, consistent profits, turned out to be the biggest Ponzi scheme Australia had, at the time, ever seen.
Which is to say, the investment group was not an investment group at all. All of the money that people like Janette, and nearly 600 others, had handed over to be traded on the foreign exchange market was being paid to other investors, so they would believe they were earning a profit.
Esta historia es de la edición September 2023 de Australian Women’s Weekly NZ.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición September 2023 de Australian Women’s Weekly NZ.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,500 revistas y periódicos.
Ya eres suscriptor? Conectar

How to boost the value of your home
Whether you're looking to sell now or later down the track, it really pays to keep your house up to date.

The magic of manifesting
While it sounds woo-woo, putting your mind to what you want might be the key to turning your dreams into reality.

A quiet killer
Difficult to detect, ovarian cancer is silently taking the lives of women. Here's what you need to know.

Air fryer snacks
The air fryer makes cooking so simple. From healthier versions of fried favourites to baked treats, these easy recipes are made to enjoy!

The billiondollar world of astrology
Astrology is back. Celebrities won't make a move without consulting their charts and everyone knows someone who's retraining as an astrologer. The Weekly investigates the current fascination with the stars.

The shape shifters
Contouring with make-up is a clever hack for instant facial definition.

"I'm a professional baby cuddler!"
When Jenny Summerson’s own children grew up, she looked for something to fill the hole in her life. What she found were babies who needed a little extra TLC.

Princess Catherine THE REALITY OF A NEW NORMAL
After the hardest year of her life and as she finds her footing in a post-treatment world, the dutiful princess could be preparing for her ultimate role- but this time it's on her terms.

Put it in neutral
Far from middle of the road, neutral tones can really add interest and sophistication to your home. Here's how to nail it.

QUEEN OF COMEDY The Marvellous Ms Margolyes
Speaking her truth in a delightfully wicked and candid manner we've come to cherish, British actress Miriam is now telling the world how she has fallen in love with New Zealand.