Daily News
Daily News

Family loses millions in alleged Ponzi scheme

GLENN Cartwright thought he was part of a hedge fund which would help him retire early so he could care for his sons.

In reality, he was caught in a web allegedly set up by a man the Tweed community trusted.

Mr Cartwright and his family suffered the largest financial loss in the Kingscliff Ponzi scheme known as Goldsky Asset Management.

Run by Ken Grace, who is now the subject of an ASIC investigation, Mr Cartwright was one of the many who lost money in the alleged scam.

Court documents released in May revealed millions of dollars had been transferred from bank accounts of the failed hedge fund to the personal account of Mr Grace. The company was placed into liquidation with an investigation ongoing.

"The total money that we have lost, the total money we gave to Ken Grace is $2.725 million and subsequently we have lost all of that - it is all gone," Mr Cartwright said.

"Clearly there is no evidence from him, or ASIC, or our liquidator that there is much opportunity to redeem any of that money.

Glenn Cartwright and his wife Karen’s two boys Dane and Matt have a motor-skill disability which makes the loss even harder on the family. PICTURE: Scott Powick
Glenn Cartwright and his wife Karen’s two boys Dane and Matt have a motor-skill disability which makes the loss even harder on the family. PICTURE: Scott Powick

"The entire community is aghast at what (was) done to not only myself but many other good Australians in this area from sporting legends to mums and dads.

"It is a catastrophic loss for us and given our family circumstance, we have two boys we are trying to look after."

Mr Cartwright's two sons have Battens disease, which attacks the sufferer's nervous system. It was for this reason the Cartwright family invested so much into Goldsky and why the loss is so devastating.

"In the perfect world I could go out and earn quite a bit of money in my profession and recover from this but I do not have that opportunity with my responsibility to my boys and my family."

"They are very high need and high care."

However the family have been "uplifted" by support they have received from the community.

They have started a GoFundMe page which so far has raised more than $7000.

"We are down to our dollars at the moment, so out of desperation we have put up this GoFundMe page to try and help us make ends meet."

"We have a beautiful, supportive strong community spirit here.

"It has been uplifting, the support we have received so far on the GoFundMe page.

"It is always uplifting when you receive support, it is not only the money it is the words of encouragement."

It is the warmth and the generosity of the Tweed community which Mr Cartwright said he was focusing on during this difficult time.