The latest liquidator’s reports into the companies fronted by the disgraced businessman were released yesterday.
Both Financial Planning Ltd (FPL) and Impact Enterprises Ltd (IEL) had earlier been placed into liquidation after it was discovered they were the front for a Ponzi scheme run by Kloogh, who is serving a prison term of eight years and 10 months on 11 fraud charges totalling an estimated $15million.
The new report said the Official Assignee’s office was still investigating the Ponzi scheme, through which innocent investors believed they were investing in blue-chip stocks at near market rates.
Instead, Kloogh was stealing their money to fund his expensive lifestyle and pay out clients to keep the Ponzi afloat.
“An analysis of the movement of money between accounts of the company (FPL), of a related company (IEL) and…