ASIC is currently investigating Australian streaming start-up Guvera, with over $180 million from roughly 3,000 investors left unaccounted for after the company folded.
ABC’s 7:30 reports the company “used a network of accountants to convince mum-and-dad investors around the country to buy up millions of dollars’ worth of shares.” The company halted operations last month, after being rejected for an IPO in 2016. This failed float saw the company’s promises of massive financial gains go up in smoke.
“We’re asking the question: where did all the money go?” investor Ben Morris told 7:30, after his $90,000 of Guvera shares amounted to zero following the failed float. “They should be held accountable. We should have answers.”