Huntington ‘founder’ is involved in ‘name only’

ONE of the listed “founders” of the Huntington Health and Wealth Club says he has almost nothing to do with the group and his involvement is in “name only”.

Surfers Paradise identity Billy James is listed as one of the founders of the community bank venture.

Other alleged founders include Allotz.com Ltd president Martin McConnachie and lawyer Zoltan Varszeghy who claims to be the “attorney-general” for the Te Taou Maori tribe in New Zealand.

Yesterday, Mark McIvor denied being behind the project telling the Gold Coast Bulletin he was solely an “adman”.

An information memorandum issued in March describes the venture as a “partner and investor opportunity” to develop a “licensed commercial and investment banking solution”.

“The Huntington Club has been seeded (sic) breakthrough intellectual property (called Mi Algorithm of Wealth) to empower its members on a financial services pathway,” the brochure reads.

“Our mission is to remutualise, as a laboratory, a blockchain-based virtual city, to create a mutual banking and financial services ecosystem empowering peer-to-peer finance and capital solutions.”

Investors are asked to put their money into the club in return for training to “distribute and risk manage a capital solutions capacity” and digital currency token.

Mr James, who claimed he was not a founder of Huntington and should not be listed as such, said he had offered to help Mr McIvor with his mutual bank idea.

“I feel for him because we have all been through this sort of thing but his was a big hit,” he said.

“So he has a fantastic idea of doing a mutual bank similar to a rural bank or a cooperative.

“That has fantastic ideals as a mutual because members should be able to partake of the spoils so to speak, especially in these days of socialism getting much stronger.

“He has this Huntington financier, mate I don’t follow it all but I’ve said to him a couple of times I’m happy to give him a hand so that’s why my name is there.

“It is in name only.” Mr James said the information memorandum was difficult to understand – a view he has expressed to Mr McIvor.

“I have said to him … ‘Mark if you gave this to me Billy James and said go sell that I would rewrite all that sh**’,” Mr James said.