A 24-year-old man facing fraud charges for an alleged Ponzi scheme that stole $320,000 from his own grandmother will face additional charges.
Jack Endersby, 24, was accused of fraudulently receiving around $2 million from victims across Australia in a massive Ponzi-style scheme between February 2021 and February 2024.
However, the Perth man was hit with a further 11 fraud charges and his alleged crimes date back to 2019, netting him $2.5 million from 22 victims.
Four of those alleged victims are over 60 years old.
“It will be alleged that the accused entered into several contracts with different victims under the pretext of carrying out transactions on the World Stock Exchange with his invested capital,” a police spokesperson told WA Today on Monday.
‘Victims were led to believe that the investments were safe and that returns of around 3 per cent per month were expected.
‘Conditions were also set that investment accounts could be canceled at any time and that the final account balance would be deposited back to the investor within 5 to 10 days.
“The victims never received any funds from their investment and subsequently reported their concerns to police via ReportCyber.”
Jack Endersby (pictured) now faces 22 counts of fraud over an alleged $2.5 million Ponzi scheme.
Endersby will appear in court Tuesday for a civil matter involving a real estate agent who claims the 24-year-old owes thousands of dollars in unpaid rent and property damage.
He will be back in court on 22 counts of fraud on May 17.
It comes just over a month after his grandmother faced reporters to ask her grandson to “look her in the eye” and admit that he had allegedly stolen from her.
Lyn Newby claims she gave Endersby around $320,000 in 2021 as an investment in her trading business, Codex Investments.
Newby alleged that his grandson had initially promised him monthly returns of three percent, but in mid-2023, the payments suddenly stopped.
‘He has ruined our lives. How could he do that to me? “I’m his grandmother,” she said. nine news At the time.
Endersby was arrested by Western Australian police in March and appeared at Perth Magistrates Court that same month, where Ms Newby and Endersby’s mother confronted him.
He ignored all of his family’s attempts to talk to him.
“He’s going to feel terrible when he sees me and I want him to look me in the eyes and know how much he’s hurt me,” Newby said before Endersby’s court appearance.
Lyn Newby (left) claims her grandson, Jack Endersby (right), fraudulently took $320,000 from her.
Police claim Endersby, a former telesales consultant and worker, had an impressive portfolio valued at $2.2 million in 2020.
Within a few years, the young “self-taught investor” was supposedly living a life of luxury with an expensive apartment on Perth’s waterfront, frequent splashy holidays in Dubai and New York, and driving a Maserati.
However, police allege that his lavish lifestyle was not the result of smart investments but rather a Ponzi scheme, in which money is raised from new investors to pay off previous ones.
After learning of Endersby’s alleged fraud, Ms. Newby texted him: ‘It’s true? Is there any way to get my money back?
He allegedly responded: ‘No, that’s not true, I’ve fixed it for you.’ I see you on Tuesday.’
They never met.
Several of Endersby’s alleged victims attended his court appearance in March.
Among them was Michael Dawson, who says he first invested in Endersby’s business 18 months ago.
“At first they gave me some money back, but I really started to worry about a year ago when I stopped hearing from them and stopped receiving the money I asked for,” she said. WA today.
Endersby (pictured) is accused of receiving $2.5 million from 22 victims from 2019 to February 2024.
Another of Endersby’s former clients, who claimed he had invested $50,000, claimed the 24-year-old had “built trust” with investors by including them in a refer-a-friend scheme.
“If you successfully referred a friend, you got 10 percent of whatever they invested in them,” he said.
“So most of us think, ‘Okay, so-and-so already invested with him and seems happy, I’m going to give it a try.’
