Perth grandmother alleges she lost $320,000 in grandson Jack Endersby’s alleged fraud scheme
A heartbroken grandmother said she wanted her grandson to ‘look her in the eye’ when they reunited in court after he allegedly took more than $320,000 from her.
Jack Endersby, 24, is accused of fraudulently receiving about $2million from victims across Australia in a massive ponzi-style scheme between February 2021 and February 2024.
His Perth grandmother, Lyn Newby, claims she gave Endersby about $320,000 in 2021 as an investment into his trading business, Codex Investments.
Ms Newby alleges her grandson had initially promised her monthly returns of three per cent but mid last year the payments suddenly stopped.
Devastated grandmother Lyn Newby (left) claims her grandson, Jack Endersby (right), fraudulently took $320,000 from her
‘He has ruined our lives. How could he do it to me – I’m his grandmother,’ she told Nine News last week.
Endersby was arrested by Western Australia police earlier this month and faced Perth Magistrates Court last Friday on 11 charges of fraud.
Ms Newby was joined by Endersby’s mother in court but Endersby ignored all his family’s attempts to talk to him.
‘He will feel terrible when he sees me and I want him to look me in the eye and know how much he’s hurt me,’ Ms Newby said prior to Endersby’s court appearance.
Police claim Endersby, formerly a telesales consultant and labourer, boasted an impressive portfolio worth $2.2million in 2020.
Within a few years, the young ‘self-taught investor’ was allegedly living a life of luxury with an expensive apartment on Perth’s waterfront, frequent flashy holidays to Dubai and New York, and driving around in a Maserati.
Endersby (right) is accused of running a ponzi scheme under his fake trading company, Codex Investments
![Ms Newby (pictured) had hoped her grandson would 'look [her] in the eye' during his court appearance last week but he ignored her](http://i0.wp.com/i.dailymail.co.uk/1s/2024/03/24/22/82840623-13233611-Ms_Newby_pictured_had_hoped_her_grandson_would_look_her_in_the_e-a-4_1711318754402.jpg?resize=634%2C458&ssl=1)
Ms Newby (pictured) had hoped her grandson would ‘look [her] in the eye’ during his court appearance last week but he ignored her
However, police allege his ritzy lifestyle wasn’t the result of clever investments but a ponzi scheme – where money is collected from new investors to repay earlier investors.
After hearing about Endersby’s alleged fraud, Ms Newby had texted him: ‘Is it true? Is there anyway you can salvage my money?’
He allegedly replied: ‘No it’s not true, I have it sorted for you. See you Tuesday.’
They never met up.
Several more of Endersby’s alleged victims went to his court appearance last Friday.
Among them was Michael Dawson who claims he first invested in Endersby’s business 18 months ago.
‘I did get some money back initially, but I really started getting worried about a year ago when I stopped hearing from him, stopped getting any money that I requested,’ he told WA Today.
Another of Endersby’s former clients, who alleges he invested $50,000, claims the 24-year-old ‘built trust’ with investors by including them in a friend referral scheme.
Police allege Endersby (pictured) fraudulently took about $2million from victims across Australia under the guise of his investment company
‘If you successfully referred a friend, you would get 10 per cent of whatever they invested with him,’ he said.
‘So most of us thought, “okay, so-and-so has already invested with him and seems happy, I’m going to give it a go”.’
Endersby will return to court on April 19.
