Lyn Newby says she feels betrayed by her grandson, who she trusted.
She claims three years ago she and her husband invested more than $320,000 into Jack Endersby’s trading business, Codex Investments.
“He kept giving me very good reports about how it was going,” Newby told 9News.
“I was so proud of him living in the Crown Towers, in the Ritz Carlton, driving a nice car and had a posh office.”
The 24-year-old enjoyed his lavish lifestyle until he was charged four days ago with allegedly running a Ponzi scheme.
He’s accused of receiving about $2 million from victims across Australia.
“He has ruined our lives,” Newby said.
“How could he do it to me – I’m his grandmother. He loved me, I loved him.”
In 2020, Endersby boasted of managing a portfolio of about $2.2 million.
Over three years, from 2021 police allege he entered into several contracts, promising clients a monthly return of three per cent by investing their money on the stock exchange.
Newby said she was warned by relatives to be wary but didn’t suspect anything wrong until mid-last year when monthly returns stopped.
“I didn’t have a clue,” she said.
After hearing the news of the alleged fraud, Newby texted Endersby: “Is it true? Is there anyway you can salvage my money?”
He said: “No it’s not true, I have it sorted for you. See you Tuesday.”
“My mind just went crazy,” Newby said.
“I had no idea that he would do something like that to me, his grandmother.”
Endersby is facing 11 counts of gains benefit by fraud.
The 24-year-old is due to appear here at the Perth Magistrates Court on Friday, where he’ll come face-to-face with his heartbroken grandmother.
“He will feel terrible when he sees me and I want him to look at me in the eye and know how much he’s hurt me,” Newby said.
