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Player Watch Scott Pendlebury

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It's likely the "assets" will be gone. I imagine
somewhere there will be a secured creditor.

I dare say that guy is a good talker and had the trust of Pendles. Most of these people can talk and are convincing. And sometimes the projects /investments are genuine. It's just that there is no profit at the end.

I imagine it might have started out as some what genuine. However money was most likely blown on
Personal lifestyle or funding other projects and he kept on putting his hand in the cookie jar for more. Those amounts never authorised. "It's all good, I can replace the money and no one will be the wiser". But yeah, it never pans out that way.
 
JLC said:
It's likely the "assets" will be gone. I imagine
somewhere there will be a secured creditor.

I dare say that guy is a good talker and had the trust of Pendles. Most of these people can talk and are convincing. And sometimes the projects /investments are genuine. It's just that there is no profit at the end.

I imagine it might have started out as some what genuine. However money was most likely blown on
Personal lifestyle or funding other projects and he kept on putting his hand in the cookie jar for more. Those amounts never authorised. "It's all good, I can replace the money and no one will be the wiser". But yeah, it never pans out that way.
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I worked 3 month without getting paid. The snake took off with all the cash but deloits took over and are trying to get our money for us. No guarantee you get 100% back, usually it's a percentage
 
For Pendles to recover his embezzled funds in court he needs to demonstrate that he can run a sub-3s 20m. Can he do it?
 

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Abdul_The_Bull said:
Nice tax write off for Pendles, if nothing else!
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I had been thinking about that. I am not sure being stolen from counts as any kind of deduction - income or capital. At best I reckon it might be able to be characterised as a capital loss to be applied against future gains. Even then, not sure.
 
JLC said:
It's likely the "assets" will be gone. I imagine
somewhere there will be a secured creditor.

I dare say that guy is a good talker and had the trust of Pendles. Most of these people can talk and are convincing. And sometimes the projects /investments are genuine. It's just that there is no profit at the end.

I imagine it might have started out as some what genuine. However money was most likely blown on
Personal lifestyle or funding other projects and he kept on putting his hand in the cookie jar for more. Those amounts never authorised. "It's all good, I can replace the money and no one will be the wiser". But yeah, it never pans out that way.
Click to expand...
That tends to happen in scenarios when big gamblers start to go wrong. They take more money to win big and recoup but basically never seem to.
 
sideswipe said:
Maybe, maybe not. No doubt there will be a web of entities/structures, but they still might be hoping there are some assets to be got at - especially that big chunk of land out West.

And to get in line, Pendles needs that legal action to succeed or be settled.

Reckon Sourasis will say that pendles knew about the transactions and that they either represented loans or small equity purchases in various investments- or some b/s like that.

Although if $6.5m is owed to the ATO, that is growing at the interest rate north of 10%...
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Council owns the land. Not an asset. Western Melbourne has an agreement over it which I suspect Council will tear up any second.
 
sideswipe said:
I had been thinking about that. I am not sure being stolen from counts as any kind of deduction - income or capital. At best I reckon it might be able to be characterised as a capital loss to be applied against future gains. Even then, not sure.
Click to expand...
i think you are correct, i dont think it can be a tax deduction as such.
 

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sideswipe said:
This is getting messier


Friends and fellow investors are rallying around star Magpie Scott Pendlebury after he claimed his former manager Jason Sourasis had misappropriated his money, while other high-profile investors line up to stake a claim over their own missing money.
Pendlebury spent Tuesday speaking to friends and Sourasis’ other investors after taking court action to recoup $3 million he alleges was misappropriated from his bank account by Sourasis and his company Strategic Financial Planning or borrowed from him by the soccer entrepreneur.
Sourasis has hit back at the court case being led by powerhouse lawyer Leon Zwier, saying: “The allegations are vehemently denied, and as a legal process has been started, we can’t make any further comment at this stage.”
According to sources who spoke on the condition of anonymity, there are growing concerns that Pendlebury’s claim is the “tip of a very big iceberg” of financial troubles for Sourasis.

Two of those sources suggested another former AFL player had also invested a significant amount of money – as much as $1 million – in Sourasis’ Western Melbourne Group, which is behind an ambitious plan to develop a sporting and entertainment complex in Tarneit.
That development has been in peril after the tax and financial troubles of Sourasis’ now-dormant A-League team, Western United, became public.
Sourasis’ personal tax bill has also ballooned in recent weeks to $6.7 million, up from $3 million, according to new filings by the ATO in the County Court.
Leading financier Ozzie Kheir, the owner of 2021 Melbourne Cup winner Verry Elleegant, claimed he was owed “a substantial amount of money” by Sourasis over a business deal gone sour. That deal is related to Kheir’s involvement in a property development several years ago with Sourasis.
“Jason owes me a substantial amount of money, and that money has been owed for many years and remains outstanding. I expected to be paid once he completed the Western Melbourne Group development,” said Kheir, who has a runner in this year’s Melbourne Cup as well as the Cox Plate.
“I haven’t yet started any legal proceedings to seek the return of the funds only because I hoped the project would be completed, but that now seems to be unlikely and I will look at my options.”
Sourasis declined to comment in response to Kheir’s statements.
A who’s who of sporting stars are also invested in the Western Melbourne Group project alongside Pendlebury and the other player, including former Sydney Swans two-time Brownlow medallist Adam Goodes and fellow AFL players Dyson Heppell, Jy Simpkin, Josh Battle and Mason Wood. Tennis star Thanasi Kokkinakis is also an investor, as is former NBA player Dante Exum.
The Western Melbourne Group project is made up of several companies including the Sayers Road Trust, which has the largest number of investors and was the entity that received most of Pendlebury’s allegedly misappropriated funds.
Sourasis and Pendlebury were particularly tight, according to several sources, who all asked to speak anonymously to protect their legal and business interests.
The pair had holidayed together, and their families were also close.
Sourasis and Pendlebury’s relationship dates back to 2015, through Hemisphere Talent Management, and the pair became so friendly that by 2018 they had collaborated on a wine, The Pendlebury.

Sourasis went on to make wines themed around another Collingwood star, Darcy Moore, and Carlton’s Patrick Cripps.
In January, Western United announced a new wine collaboration between Pendlebury, Sourasis and international soccer coach Jose Mourinho called The Special One.
On top of the wine business, Sourasis and Pendlebury had co-invested in a cafe in Brunswick, Albert Street Food & Wine, which has since closed.
Pendlebury had been devastated by the breakdown in their relationship and the need to take legal actions after years of friendship, sources said.

Sourasis told this masthead on Tuesday that he was shocked on a personal level about the allegations made by Pendlebury.
“I am devastated about the breakdown of my relationship with Scott,” he said.
The cafe is not the only business of Sourasis’ that is in liquidation or facing financial issues.
Also in October, an arm of Sourasis’ financial planning business – Strategic Financial Group Australia, which handled staff pay and some other activities at the group – was placed into liquidation over unpaid tax debts.
According to documents filed by the liquidator with the corporate watchdog, that company owes staff $123,000 in unpaid entitlements.

Strategic Financial Planning continues as a going concern and continues to hold a financial services licence, according to ASIC’s records.
A third company, known as The Township, was also placed into liquidation over unpaid tax debts.
Western United, which is to be the anchor tenant at the proposed stadium in Tarneit, has so far avoided being formally placed into liquidation after racking up nearly $8 million in debt to the Tax Office.
The club, where Sourasis is executive chairman, has been placed into “hibernation” and will not compete in the A-League this year as it fights to stay afloat.
Last month, it won a stay on orders from the Federal Court appointing liquidators, to allow it
to have further mediation talks with the ATO.
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"A sporting and entertainment complex in Tarneit."

That's the most disturbing part of the story.
 
sideswipe said:
Not far from Werribee Zoo. I'd go over the Bridge if there was a stadium holding fights between lions and machete-wielding youths.
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Some Spanish colleagues took a bunch of us Aussies out to a bullfight. Us Aussies started cheering for the bull. Our Spanish hosts were appalled - not the done thing apparently.

I can’t imagine the good folks of Werribee would have any such inhibition.
 

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sideswipe said:
Not far from Werribee Zoo. I'd go over the Bridge if there was a stadium holding fights between lions and machete-wielding youths.
Click to expand...
You should go over the bridge anyway.
There is a whole new world waiting for you.
 

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