close
MENU
Hot Topic Budget 25
Hot Topic Budget 25
1 mins to read

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.

NBR Radio
Thu, 07 Apr 2016

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.

Follow NBR on Facebook, Twitter, LinkedIn and Instagram for the latest news and free on-demand audio from NBR Radio.

NBR Radio
Thu, 07 Apr 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined
Court Report: The fraudster and the bank
57076
false