Mar 25, 2024

Grandson allegedly embezzled 320K from his grandmother to fund lavish lifestyle

Grandson allegedly embezzled 320K from his grandmother to fund lavish lifestyle
Image: Courtesy of Nine News

A Perth grandmother has come forward with devastating allegations, claiming she lost a staggering $320,000 in what authorities are calling a massive fraud scheme orchestrated by her own grandson, Jack Endersby.

Lyn Newby, Endersby’s grandmother, expressed her heartbreak, revealing her desire for her grandson to face her directly as they reunited in court.

Endersby, 24, stands accused of defrauding approximately $2 million from victims across Australia in what authorities describe as a ponzi-style scheme spanning from February 2021 to February 2024.

Newby recounts how she invested the substantial sum into Endersby’s trading business, Codex Investments, after being promised monthly returns of three percent. However, she alleges that the promised returns abruptly ceased midway through last year, leaving her in financial ruin.

“He has ruined our lives. How could he do it to me – I’m his grandmother,” Newby lamented in an interview with Nine News.

Endersby, a former telesales consultant and laborer, once boasted an impressive portfolio worth $2.2 million in 2020.

Within a short span, he allegedly transitioned into a life of luxury, residing in an expensive waterfront apartment in Perth, embarking on lavish holidays to destinations like Dubai and New York, and driving a Maserati.

Authorities allege that Endersby’s ostentatious lifestyle was funded not by legitimate investments but by a deceitful ponzi scheme, where funds collected from new investors were used to reimburse earlier ones.

Despite Newby’s attempts to reach out to her grandson for clarification, Endersby reportedly brushed off her concerns, assuring her that her investment was secure. However, they never met to discuss the matter further.

The fallout from Endersby’s alleged scheme extends beyond his grandmother, with other victims attending his recent court appearance.

Michael Dawson, one such victim, recounted his experience of investing in Endersby’s business, expressing his growing concerns as communication dwindled and promised returns failed to materialise.

Another investor, who chose to remain anonymous, shared how Endersby fostered trust among investors through a referral scheme, offering incentives for successful referrals. However, this scheme ultimately served as a means to lure unsuspecting victims into the fraudulent operation.

Endersby, facing 11 charges of fraud, appeared in Perth Magistrates Court last Friday and is set to return on April 19.

As the legal proceedings unfold, victims like Newby and Dawson grapple with the devastating impact of their financial losses, highlighting the urgent need for justice and accountability in cases of financial exploitation.

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  1. Seven years ago my Mother passed away at 93 years of age.
    Ten years before her passing my sister who had race horses convinced her Mother to part with $60k by mortgage of my Mother’s home with not having to repay the loan.

    My sister didn’t tell me and after looking after my Mum found out my Mother was repaying the loan herself by $2000 personal loans repaid from pension payments which left her little money for herself and for food. I asked my Mum to explain and she broke down and told me what had taken place. My Mum lived in fear of losing her home and didn’t understand the long term interest accumulating and didn’t sign the form that the bank had asked that confirmed my Mum understood what she was entering into. The bank went ahead and transferred $60k direct to my sisters account.

    This was clearly elderly abuse.

    My sister told me it was none of my business and after my Mother passed I had to address the matter through legal process.

    As I was a beneficiary in my Mother’s will decided to buy my Mothers house. I had to also obtain my sisters approval. My sister increased the price of the house by $90k over the independent valuation if I wanted to buy my Mother’s house.

    The Public Curator who handled my Mother’s will settlement approved the extra $90 cost. So not only did my sister receive $60k but also another $45k

    There is no justice and I have not spoken to my sister since.

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