#chancevoight — Public Fediverse posts
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CW: NZ - liquidation - Chance Voight - Ponzi?
The name's Whimp, Bernard Whimp.
He was bankrupted in 1998, had a mortgage company closed by the Securities Commission in 2003, was banned from acting as a director from 2007 to 2012, and in 2010 was found by the High Court to be engaging in “misleading and deceptive” behaviour trying to fleece naive shareholders.
In 2021 he set up the Chance Voight group - 27 companies under one umbrella, but all using just a single bank account. They've taken in $45m and not complied with investigators. The judge found the group's liabilities had exceeded its assets every year of trading.
“The factor that I consider most significant…is that the group appears to be dependent on issuing new debt securities to raise cash to meet redemption and interest payment obligations on existing debt securities.”
Isn't that the definition of a ponzi scheme?