More money owed by collapsed planner under SFO scrutiny

Brian Mayo-Smith of BDO said the liquidators have received claims from 54 investors owed $17.8 million to date, up from the initial estimate of $12 million outstanding to some 30 people.

"To date we have not been able to verify the existence of any investments made with investor funds deposited into the company bank accounts," Mayo-Smith's report said. "Our review of company records indicates that investors' monies received have been utilised to pay other investors and expenses of the company. We have not received satisfactory explanations from the directors in this respect."

The Companies Office began investigating the couple's businesses last year after receiving complaints, and the Serious Fraud Office was called in January to look into the affairs the failed companies' books. The SFO is still investigating.

Some cash was held in an Australian fund this was being held on trust for individual investors, and the liquidator was contacting each affected person accordingly.