‘Ponzi’ scheme accountant awaits sentence

Investors suffered significant losses after a Mildura accountant recommended they buy into an investment company. Picture: File
Allan Murphy

A MILDURA accountant has admitted using investors’ money in a “Ponzi” scheme to pay other clients who he owed money before he declared bankruptcy. The County Court sitting at Mildura heard 72-year-old Philip Shugg induced four investors to pour almost $1 million into an investment company while concealing that he was the sole director, company […]

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