Investors from around the world who handed up to $190 million to a Pilbara property developer who promised mining boom returns were ensnared by what may be an “unlawful Ponzi scheme”, according to the corporate watchdog.
Pilbara-focused developer Veronica Macpherson has been blocked from leaving the country by the corporate regulator and her Macro Realty Developments business (part of Crawford Property Group) has been ordered to stop providing financial advice.
Liquidators have been appointed to Crawford Property Group, with the firm becoming the second Pilbara-focused real estate player to run into strife in 2016.
Australian Securities and Investments Commission documents show liquidators at Grant Thornton were appointed to Crawford Property Group, as well as an additional nine related entities, on July 19.