Inside the glamorous lifestyle of a betting ‘whiz kid’ besieged by furious investors chasing more than $126million he told them would net huge returns – but they claim never materialised
- Creditors claim they’re owed owed $126million by bet hedger Chris Brown
- Federal Court appointed team from KPMG as receivers of his assets; company
- Mr Brown’s business activities were funded by backers including schoolmates
A gambling whiz kid is flaunting his charmed life of boat parties, $200 wine bottles, and long days in the green while his investors are millions of dollars out of pocket.
Chris Brown, 27, is besieged by multiple lawsuits and bankruptcy actions by angry investors who claim to have not seen returns from his bet-hedging operation.
The rich kid from the ritzy Perth suburb of Dalkeith claimed to pull big wins using his gambling model that cashes in on odds for horses shortening as races approach.
However, his financial backers claim when they ask where their slice of the profits is, they are told it is held up by banks, agencies, and authorities.
Perth share trader Chris Brown (pictured right) is being pursued by creditors who are owed $126million
Mr Brown’s Instagram account was littered with pictures of him spending time out on the water on yachts and on party boats
Meanwhile, his Instagram profile shows him partying on boats, playing on exclusive golf courses, and sitting inside swanky wine bars.
Other photos show him rubbing shoulders with millionaires and even AFL greats Chris Judd and Simon Black.
The two footballers claim not to remember the photo being snapped and Black guessed it was taken at a grand final parties with the pair thinking he was a fan wanting a selfie.
A family member who lent money to Mr Brown’s business expecting to see a return within six months told The West Australian it was insulting to see him ‘posting bottles of champagne worth hundreds’ while some investors ‘were struggling to feed themselves’.
One photo shows Mr Brown (centre) with AFL greats Simon Black (left) and Chris Judd (right), which the footballers claim not to remember posing for and assume it was a fan selfie
In one photo posted to his Instagram account, Mr Brown is pictured out playing golf. One man who lent money to Mr Brown’s business claimed it was ‘upsetting’ for some investors to see him post ‘photos on golf courses, all over the place’
‘What was hard was all his posting (on social media). It was upsetting for them to see those photos – his weekends away, bottles of wine, trips down south, photos on golf courses, all over the place,’ the man said.
‘And while he was out living this lavish life of comfort and riches there were people that were day-to-day struggling because their investments were gone – everything that they had was gone.’
Creditors owed $126 million by Mr Brown went to the Federal Court in March seeking to have specialist insolvency accountants from KPMG given the green light to seize control of his assets, the West Australian reported.
On March 25, Justice Darren Jackson appointed a team from KPMG as receiver’s of Mr Brown’s private assets and his private company CMB Investments 1993.
The Federal Court has appointed a team from KPMG as receivers of Mr Brown’s private assets and his private company CMB Investments 1993
Mr Brown’s business activities – which included bet-hedging schemes – were backed by family members, schoolmates, and business associates over the past five years.
Other financial backers of Mr Brown’s included equipment hire entrepreneur Jaysen Tayler, who went to the Federal Court in March seeking to recover $65.5m he is personally owed by Mr Brown.
According to receivership orders issued by the court, Mr Brown admitted to owing $34.4m to Nameo, the private company of another financial backer, Nader El Sayed.
KPMG has been ordered to file a report by May 25.
Justice Jackson is also overseeing bankruptcy proceedings against Mr Brown, which have been ongoing since January.