$80m fraudster’s confession: ‘You are right to report this’

• Author: Matt Nippert
• Published date: 04 December 2021
• Publication title: Weekend Herald

That Japanese currency didn’t exist, and the hidden cell — in a collapsed column using white digits on a white background — was inflating the value of the fund by 85 per cent and meant that most of $101m tipped into Penrich over the past seven years by nearly 200 largely rich-list investors had been lost.

That staff member asked her boss, and Penrich founder, Kelly Tonkin for an explanation. The economist, who had plied his trade at Treasury and at investment banks in London, first said he would “go and investigate”, but in a March 11 email admitted the gig was up.

“I am glad you ... have uncovered the discrepancy in the fund. There are no innocent explanations for this and you are right to report this to...