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A South Australian man and a Gold Coast couple have shared the $106 million first prize in this week’s OzLotto draw—the largest such prize in Australian history.
Millions of Australians lost their entire stake in the high-profile investment vehicle—with most losing at least five dollars, others much more.
Officials from the Australian Securities and Investments Commission are now investigating to see if the scheme was simply paying returns out of the contributions of investors.
For millions, the failure of the investment to deliver on the substantial returns promised has destroyed retirement plans. Some investors now say they will have to keep working until they’re 65.
ASIC has cautioned investors to be wary of investment schemes that promote returns of more than 10 million per cent. Analysts say that better investment options include index funds, property and $5 instant scratchies.
