Singaporean police are investigating a company controlled by Pilbara businesswoman Veronica Macpherson — the 37-year-old mastermind of a collapsed suspected Ponzi scheme in which mostly Singaporean and Malaysian investors handed over $110 million.
What is a Ponzi scheme?
- Ponzi schemes often have little or no real investments or assets
- Investor returns are paid from money generated from later investors in the scheme
- Warning signs include a rate of return on an investment that’s too good to be true
- Eventually the scheme falls apart
The investigation of Macro Realty Developments Pte Ltd by the Singapore Police Force’s commercial affairs branch was revealed in documents tabled in the Federal Court by the Australian Securities and Investments Commission (ASIC).
ASIC is still investigating Ms Macpherson over potential offences of stealing, fraud and forgery.
There are hundreds of angry investors who were promised annual returns of up to 18 per cent if they gave their money to Macro to invest in Pilbara property developments around Newman and Port Hedland.
Instead the investment scheme collapsed last year with creditors owed more than $200 million, according to a liquidator.
Some of these overseas investors believed a corporate video filmed in the WA Parliament and featuring a senior politician encouraged them to think it had government support.
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