There will be more charges brought against a 24-year-old man who is accused of defrauding his grandmother out of $320,000 through a Ponzi scam.
Jack Endersby, 24, was charged with defrauding victims all around Australia of roughly $2 million in a large-scale Ponzi scam that took place between February 2021 and February 2024.
However, the Perth man was charged with 11 more counts of fraud due to his alleged 2019 offences, which resulted in a $2.5 million gain from 22 victims.
Four reported victims are older than sixty. A police spokeswoman told WA Today on Monday, “It will be alleged the accused entered into several contracts with varying victims under the guise that he would perform trades on the Global Stock Exchange with their invested capital.”
The victims were made to feel as though the investments were safe and would yield monthly returns of roughly 3%.
Additionally, it was stated that investment accounts could be closed at any moment, and the investor would receive their money back in five to ten days.
“The victims reported their concerns to police via ReportCyber after they never received any funds from their investment.”
In a civil case involving a real estate agent who asserts that Endersby, 24, owes thousands in overdue rent and property damages, the 24-year-old is scheduled to appear in court on Tuesday.
On May 17, he is scheduled to return to the court to face 22 counts of fraud.
This occurs just over a month after his grandma appeared before reporters and demanded that her grandson “look her in the eye” and acknowledge that he had allegedly stolen from her.
According to Lyn Newby, she invested over $320,000 in Endersby’s trading company, Codex Investments, in 2021.
Ms Newby claimed that although her grandson had originally given her a three per cent monthly return guarantee, the payments abruptly stopped in the middle of 2023.
“He’s wrecked our lives,” “I’m his grandmother; how could he do that to me?” she exclaimed to Nine News at the time.
After being detained by the Western Australian police in March, Endersby appeared before the Perth Magistrates Court later that same month, where he was challenged by Ms Newby and Endersby’s mother. He disregarded his family’s attempts to communicate with him.
Before Endersby appeared in court, Ms Newby stated, “I want him to look me in the eye and know how much he’s hurt me.” She added, “He will feel terrible when he sees me.”
