A 24-year-old man charged with fraud over an alleged Ponzi scheme that robbed his own grandmother of $320,000 will face additional charges.
Jack Endersby, 24, was accused of fraudulently receiving approximately $2 million from victims across Australia in a massive Ponzi-like scheme between February 2021 and February 2024.
However, the Perth man was hit with a further 11 fraud charges for his alleged crimes dating back to 2019, with profits of $2.5 million from 22 victims.
Four of the alleged victims are over 60 years old.
“It will be alleged that the suspect entered into several contracts with several victims under the guise that he would transact on the Global Stock Exchange using their invested capital,” a police spokesperson told WA Today on Monday.
‘The victims were given the impression that the investments were safe with an expected return of approximately 3 percent per month.
‘It also included conditions that investment accounts could be closed at any time, with the final account balance returned to the investor within five to 10 days.
“The victims never received any money from their investment and subsequently reported their concerns to law enforcement through ReportCyber.”
Jack Endersby (pictured) now faces 22 fraud charges over an alleged $2.5 million Ponzi scheme
Endersby will appear in court Tuesday for a civil case involving a real estate agent who claims the 24-year-old is owed thousands in unpaid rent and property damage.
He will appear in court again on May 17 on 22 charges of fraud.
It comes just over a month after his grandmother stood in front of reporters and asked her grandson to “look her in the eye” and admit he had allegedly stolen from her.
Lyn Newby claims she gave Endersby about $320,000 in 2021 as an investment in his trading company, Codex Investments.
Ms Newby claimed her grandson initially promised her a three per cent monthly return, but the payments suddenly stopped in mid-2023.
‘He ruined our lives. How could he do this to me? I’m his grandmother,” she said Nine news at the time.
Endersby was arrested by Western Australia police in March and faced the Perth Magistrates Court later that month, where Ms Newby and Endersby’s mother confronted him.
He ignored all attempts by his family to talk to him.
“He will feel terrible when he sees me and I want him to look me in the eye and know how much pain he has caused me,” Ms Newby said ahead of Endersby’s court appearance.
Lyn Newby (left) claims her grandson, Jack Endersby (right), fraudulently took $320,000 from her
Police allege that Endersby, previously a telesales consultant and laborer, had an impressive portfolio worth $2.2 million in 2020.
Within a few years, the young ‘self-taught investor’ would be living a life of luxury with an expensive apartment on Perth’s waterfront, frequent flashy holidays to Dubai and New York, and driving around in a Maserati.
However, police claim his posh lifestyle was not the result of smart investments, but a Ponzi scheme – which involves raising money from new investors to pay back previous investors.
After learning of Endersby’s alleged fraud, Mrs. Newby had texted him: ‘Is it true? Is there any way you can save my money?’
He allegedly replied: ‘No, that’s not true, I checked it out for you. See you on Tuesday.’
They never met.
Several other alleged victims of Endersby attended his appearance in March.
Among them was Michael Dawson, who claims he first invested in Endersby’s company 18 months ago.
“I did initially get some money back, but I really started to worry about a year ago when I stopped hearing from him and stopped getting the money I asked for,” he said. WA Today.
Endersby (pictured) is accused of taking $2.5 million from 22 victims between 2019 and February 2024
Another former client of Endersby, who claimed to have invested $50,000, claimed the 24-year-old had “built trust” with investors by enrolling them in a friend referral program.
“If you successfully refer a friend, you get 10 percent of what they invested with them,” he said.
‘So most of us thought, “Okay, so and so has already invested with him and seems happy, I’ll give it a try.”