Founders of financial services company Chartwell charged with fraud

The founders of collapsed investment company Chartwell Enterprises, Graeme Hoy and Ian Rau, are now facing 243 criminal charges between them with the failed company owing $60 million to investors. Hoy, the Geelong-based company’s founding director, is facing 220 criminal charges, several of which refer to him allegedly stealing $26 million from investors to whom […]

Patrick Stafford 12 August, 2009

The founders of collapsed investment company Chartwell Enterprises, Graeme Hoy and Ian Rau, are now facing 243 criminal charges between them with the failed company owing $60 million to investors.

Hoy, the Geelong-based company’s founding director, is facing 220 criminal charges, several of which refer to him allegedly stealing $26 million from investors to whom he promised returns of up to 70%.

About 180 of the charges, which include obtaining a financial advantage by deception and practicing financial services without a license, hold a maximum penalty of 10 years’ jail for each offense.