Geelong-based broker Chartwell Enterprises ceased trading Monday (21 April), risking millions of dollars of investments of retail investors.
On 18 April, the Geelong Advertiser quoted the principal of Chartwell Enterprises, Graeme Hoy, describing the failure of his entertainment businesses; "I especially like to make it absolutely clear that these businesses have nothing to do with Chartwell Enterprises. In fact their passing on means I can re-direct all my energy and focus into Chartwell and its exciting international future."
Chartwell's exciting international future has lasted a further three days before going into receivership and voluntary administration.
The Age claims some investors invested their life savings with the promise of returns as high as 70%!
May be further proof that risk and return are related.
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