August 2, 2021
Scam/Fraud

iProsperity Fraudster Siphoned $8M Through Crown Melbourne

Posted on: July 5, 2021, 03:58h. 

Last updated on: July 5, 2021, 04:35h.

A fugitive fraudster accused of running a A$325 million (US$245 million) Ponzi scheme passed $8 million of his clients’ missing funds through the Crown Melbourne Casino, Australian newspaper The Age reports.

Michael Gu
Michael Gu allegedly spent his clients’ funds on high living and a fleet of supercars. (Image: Canberra Times)

Michael Gu, whereabouts unknown, is the founder of Sydney-based property group iProsperity, which collapsed last year owing hundreds of millions to investors.

Authorities believe he conned clients by claiming he was buying a portfolio of commercial property in Australia. In fact, he and his CFO, Harry Huang, were misappropriating investor funds to pay other investors while living the high life, according to a report by administrator KPMG, published last August.

Gu allegedly used the company like his own personal…

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