Kingscliff scheme takes millions from high-needs family Loss ‘catastrophic’

GLENN Cartwright thought he was part of a hedge fund that would help him retire early so he could care for his sons.

In reality, he was caught in a web allegedly set up by a man the Tweed community trusted.

Mr Cartwright and his family suffered the largest financial loss in the alleged Kingscliff Ponzi scheme known as Goldsky Asset Management.

Run by Ken Grace, who is now the subject of an ASIC investigation, Mr Cartwright was one of the many who lost money in the alleged scam.

Court documents released in May revealed millions of dollars had been transferred from bank accounts of the failed hedge fund to the personal account of Mr Grace.

The company was placed into liquidation with an investigation ongoing.

“The total money that we have lost, the total money we gave to Ken Grace, is $2.725 million and subsequently we have lost all of that – it is all gone,” Mr Cartwright said.

“Clearly there is no evidence from him, or ASIC, or our liquidator that there is much opportunity to redeem any of that money.

“The entire community is aghast at what (was) done to not only myself but many other good Australians in this area, from sporting legends to mums and dads.

“It is a catastrophic loss for us and given our family circumstance – we have two boys we are trying to look after.”

Mr Cartwright’s two sons have Batten disease, which attacks the sufferer’s nervous system. It was for this reason the Cartwright family invested so much in Goldsky and why the loss is so devastating.

“In the perfect world, I could go out and earn quite a bit of money in my profession and recover from this but I do not have that opportunity with my responsibility to my boys and my family,” he said.

“They are very high need and high care.”

However, the family have been “uplifted” by the support they have received from the community.

They have started a GoFundMe page which so far has raised more than $7000.

“We are down to our dollars at the moment, so out of desperation we have put up this GoFundMe page to try and help us make ends meet,” Mr Cartwright said.

“We have a beautiful, supportive, strong community spirit here.

“It is always uplifting when you receive support. It is not only the money, it is the words of encouragement.”

It is the warmth and the generosity of the Tweed community Mr Cartwright said he was focusing on during this difficult time.

Glenn Cartwright and his wife Karen lost more than $2 million in an alleged Ponzi scheme. They had invested the money in Goldsky Asset Management in the hope Mr Cartwright could retire early to help care for his two sons, Dane and Matt, who have Batten disease.