DISPLAY PARTNERS: ISLAND DEPOSITS NEARLY $1 MILLION! SO WHERE HAS ALL THE MONEY GONE?
It has been calculated that island investors contributed nearly $1 million in wasted deposits to the Display Partners fiasco.
For the first time, a large group of investors recently met to discuss their situation, compare notes, and to consider future options.
Many have undertaken investigations of their own with almost all coming to the conclusion that the money that they put down as ‘deposits’, mostly all handing it over to con man Zac Mar, is lost.
Their situation and any attempts at getting some money back are not promising, since the main protagonist in the Display Partners scam, Chris Kirby Ryan, has registered for bankruptcy.
Only one party was able to get some small restitution by taking out a small claims court action, receiving back just $2550 in small weekly payments. Those payments had stopped nearly two months ago.
An outstanding fact in the deposits’ fiasco is the irregularity of deposits to Display Partners.
It was clear from the outset that Mar and Kirby Ryan were about taking any amounts they could get.
Stunningly, deposits ranged from the lowest around the $5000 mark, up to $140,000 in the case of a widowed lady who handed over her life savings.
There were many in the $20,000 to $60,000 range.
So what happened to the money?
Chris Kirby Ryan has registered for bankruptcy under her registered name of Chris Anne Ryan.
Her bankruptcy is being handled by Linda White of Australian Financial Security Authority.
The Friendly Bay Islander has discovered a new ‘investment’ entity called Assist Property Network.
It has also been revealed that the person behind this ‘new home of investment property’ is none other than Luke Ryan, who happens to be the son of Chris Kirby Ryan.
This information is well known to those who attended the recent meeting, and the Friendly Bay Islander has passed on this ‘connection’ to the appropriate authorities, including the Australian Financial Security Authority and the QBCC.
The Friendly Bay Islander is hopeful that the investigating trustee Linda White will investigate fully where monies paid to Display Partners have been directed.
The purpose of the recent meeting was not necessarily to cry over ‘spilt milk’, but to point out possible new directions where some involved may be able to still ‘earn’ their losses back at some time in the future.
It was pointed out that many still ‘believe’ in the islands and that with both land and housing, it is still a great place to invest.
With prices for both land and housing still quite low on the islands, it was suggested that in a few short years the islands could one day reach ‘parity’ with mainland prices; thereby offering a potential for future positive returns.
With that in mind, three of the parties hurt by the Display Partners scam revealed that they had since been able reflect on their experience as another ‘life lesson learned’ and have gone on to realise their real estate dreams via more appropriate directions.
Cr Mark Edwards attended the meeting and told those there that he believed that
‘looking forward’ was the way to go for those hurt by the investment scam.
“I have considerable faith in these islands. With ongoing infrastructure delivery there is more and more to like. I personally believe that real estate values will climb in years ahead.” he said.