A heartbroken grandmother said she wanted her grandson to “look her in the eye” when they met in court after he allegedly took more than $320,000 from her.
Jack Endersby, 24, is accused of fraudulently receiving around $2 million from victims across Australia in a massive Ponzi-style scheme between February 2021 and February 2024.
His Perth grandmother, Lyn Newby, claims she gave Endersby around $320,000 in 2021 as an investment in his trading business, Codex Investments.
Newby alleges that his grandson had initially promised him monthly returns of three per cent, but in the middle of last year the payments suddenly stopped.
Devastated grandmother Lyn Newby (left) claims her grandson Jack Endersby (right) fraudulently took $320,000 from her.
‘He has ruined our lives. How could he do that to me? “I’m his grandmother,” she said. nine news last week.
Endersby was arrested by Western Australian police earlier this month and faced Perth Magistrates Court last Friday on 11 counts of fraud.
Endersby’s mother joined Ms Newby in court, but Endersby ignored all attempts by his family to speak 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.
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.
Endersby (right) is accused of running a Ponzi scheme under his fake trading company, Codex Investments.
Mrs Newby (pictured) expected her grandson to “look her in the eye” during his court appearance last week, but he ignored her.
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 last Friday.
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.
Another of Endersby’s former clients, who alleges he invested $50,000, claims the 24-year-old “built trust” with investors by including them in a refer-a-friend scheme.
Police allege Endersby (pictured) fraudulently took around $2 million from victims across Australia under the guise of his investment company.
“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.’
Endersby will return to court on April 19.