Court Report: The fraudster and the bank

Hamish McNicol talks about a brewing case involving millions of dollars between 50 investors, an alleged fraudster, and Macquarie Bank. With special feature audio.
Hamish McNicol

A group of about 50 investors who claim to have lost millions to an alleged New Zealand fraudster thought to now be in Latin America have launched legal action involving Macquarie Bank.

The case’s origins date back to 2011 when NBR first reported a Hamilton-born builder had allegedly fleeced investors of $A7.5 million.

A group of 67 investors, half of whom were New Zealanders, had advanced the money to Lifestyles Investment Group (LIG), an entity operated by a man called Tony Noel Lusby, since 2004.

But, by March 2011, an investigator and barrister was called in after Mr Lusby stopped communicating, and accounts in Sydney and Hong Kong were subsequently frozen.

Total advances to Mr Lusby were suspected to be more than $20 million.

Last week, NBR revealed a group of about 50, mostly New Zealand-based, investors have launched fresh legal action relating to the case.

Mr Lusby, his entity Coral Investments, and Macquarie are named as respondents with the investors, collectively called the Lifestyles Investor Group, claiming to have lost more than $18 million.

NBR understands a defended hearing regarding the jurisdiction of the claim is due to be heard in the High Court at Auckland next month.

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