Grandmother devastated after losing $320k through Mandurah grandson's alleged Ponzi scheme

Wednesday, 20 March 2024 12:28

By Monique Welhan

Jack Endersby and his grandmother Lyn. PIC: 9News

A grandmother claims she has lost $320,000 through her grandson's alleged Ponzi scheme.

Lyn Newby and her husband invested the money into their grandson Jack Endersby's business, Codex Investments, three years ago but didn't suspect anything was wrong until the returns stopped mid-last year.

"He kept giving me very good reports about how it was going," Lyn told 9News.

"I was so proud of him living in (an apartment at Elizabeth Quay), driving a nice car and he had a posh office."

But the 24-year-old was arrested on March 5 after police received a number of reports from his alleged victims.

"Between February 2021 and February 2024, the accused entered into several contracts with varying victims under the guise that he would perform trades on the Global Stock Exchange with their invested capital," a WA Police spokesperson said.

"The victims were led to believe the investments were secure with anticipated returns of about three percent per month.

"The accused received approximately $2 million in funds from victims across Australia.

"A small number of victims received partial funds from their investment, however many victims did not receive any return; and subsequently reported their concerns to police via ReportCyber."

Lyn said she her grandson, who lives in Mandurah, had betrayed them.

"He has ruined our lives," she told 9News.

"How could he do it to me - I'm his grandmother. He loved me, I loved him."

Endersby is due to front the Perth Magistrates Court on Friday after being charged with 11 fraud offences.