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Ken Grace, the founder of Kingscliff hedge fund Goldsky, is facing eight criminal charges relating to dishonest conduct and one charge of operating a financial services business without a licence, two years after his alleged Ponzi scheme was shut down.
The 55-year old Mr Grace, who previously ran a Toyota dealership, appeared in Tweed Heads Local Court on Monday to face the charges, which respectively carry maximum penalties of 10 years and two years imprisonment.
Goldsky chief executive Ken Grace arriving at the Federal Court in Brisbane in February 2020.
Attila Csaszar
Mr Grace raised about $16 million to invest from sporting personalities and locals in the region until October 2018 when the US Securities Exchange Commission alleged the fund operated a “multi-year fraudulent scheme”.