Steve Halgryn’s body was found on Warana beach
Steve Halgryn’s body was found on Warana beach
QLD News

Administrators can’t find missing millions owed to investors with Steve Halgryn company

David Murray, The Courier-Mail
October 3, 2016 10:00pm
Subscriber only

ADMINISTRATORS have been unable to find any trace of more than $90 million owed to hundreds of people who invested with a Sunshine Coast ­financial adviser.

Worrells Solvency and Forensic Accountants found Steve Halgryn’s company records had vanished after a break-in at his Buderim office reported just weeks before he died.

All that remained were the details of investors who are now concerned they may be the victims of one of Queensland’s biggest Ponzi schemes.

"The available records have no detail regarding the assets of the trading syndicate, investments made, trading histories, broker/investor institutions utilised or asset registers," Worrells administrator Paul Nogueira found.

Steve Halgryn.

"The police report (from the alleged break-in) indicates that these appear to have been contained in the records that were stolen from the premises. In short, I have been unable to locate any records on how investor funds have been utilised over the past three years."

Mr Halgryn’s body was found on Warana Beach in April. The cause of death is awaiting toxicology test results.

Mr Nogueira was appointed by the Supreme Court in July to trace assets connected to Mr Halgryn’s companies, Suncoast Financial Solutions and SFSGlobal Group.

In a report obtained by The Courier-Mail, Mr Nogueira found 696 investors based mostly in Australia were owed about $91 million from investments and interest.

A further 71 investors in the US were owed about $5.88 million.

Suncoast Financial Solutions had been operating "some form of pooled investment scheme" since 2003, obtaining loans from investors with the promise of annual interest of 24 per cent.

The trading syndicate was transferred in 2013 to SFSGlobal, which offered annual interest of 16 per cent.

"From my initial investigations I believe that the business that appears to have been operated by the companies may have amounted to an unregistered managed investment scheme," Mr Nogueira wrote.

The report recommends appointment of liquidators to investigate Mr Halgryn’s affairs.