The Australian Securities and Investments Commission (ASIC) is urging individuals who may have been affected by a failed investment scheme to come forward. This follows an extensive four-month investigation by A Current Affair into the scheme, which was operated by David Cartwright and involved around $14 million in investments.
Participants, many of whom are diligent workers, were drawn to the General Cash Orders (GCO) investment plan, which promised a lucrative 6.5 per cent return on their investments. Unfortunately, the scheme collapsed in 2019, leaving investors with losses amounting to $13.9 million. A liquidator has since suggested that Cartwright was running a Ponzi scheme, using the Quambie Investments Pty Ltd bank account as a personal fund for himself and his family.
During the investigation, A Current Affair located Cartwright driving an Uber, but he declined to comment on the situation. Investors have indicated that Cartwright may not have acted alone, pointing fingers at accountant George Saab, who allegedly advised them to invest in GCO. In response, Saab has denied these claims, asserting that he too lost a significant sum—$400,000—to the GCO scheme.
Records from ASIC reveal that both Cartwright and Saab served as directors at CBC Proactive Accounting and Business Solutions, the firm associated with many of the defrauded investors. While both claim they have been exonerated by ASIC, the organisation has indicated that its investigation is still active. This ongoing inquiry highlights the serious implications of the GCO investment scheme and its impact on those who trusted Cartwright and his associated promoters.
ASIC’s call for victims to come forward signifies the importance of addressing investment fraud and promoting accountability within financial dealings. As more individuals step forward, it may shed light on the extent of the deception and ensure that justice is served for those affected.