Social media influencer who swindled investors out of $1million with her nightclub owner husband suffers a huge financial blow after missing court-ordered deadline to pay back money they scammed
- A social media influencer has reportedly been bankrupted over swindled money
- Bianca Cheah and Simon Chalmers were ordered to pay $1million to investors
- They were found to have ‘misled’ former head of an Australian investment bank
- Now Ms Cheah has been made bankrupt after failing to pay funds back on time
A social media ‘influencer’ and part-time model has reportedly been declared bankrupt after she and her night club owner husband were ordered to pay back investors $1million.
Bianca Cheah and husband Simon Chalmers inflated the profits of their online business Sporteluxe, which they started in 2012, by including Ms Cheah’s social media advertising and modeling income.
They were ordered to pay former investment bank boss Garren Cronin and his wife Emma the seven-figure sum in 2019 for ‘misleading or deceptive conduct’.
Bianca Cheah (pictured) and her entrepreneur husband had to pay back investors $1million
Bianca Cheah and husband Simon Chalmers (pictured) were found to have inflated the profits of their advertising business Sporteluxe by including Ms Cheah’s influencing and modeling income
They were ordered to pay former investment bank boss Garren Cronin and his wife Emma the seven-figure sum in 2019 for ‘misleading or deceptive conduct’
Ms Cheah has more than one million Facebook followers and was once represented by modeling agency IMG, while Mr Chalmers ran Kings Cross nightclub Beach Haus, where Leonardo DiCaprio celebrated his 37th birthday.
The couple said they lacked ‘financial means’ to defend themselves in court in 2019 because of the medical bills they were required to pay after Ms Cheah’s first birth to son Olly, reported Adelaide Now.
Cadence (90) Investments, which Mr Cronin was the managing director for, approached the pair in 2017 about investing in their lifestyle website Sporteluxe and said they had a second interested investor on the line.
The NSW Supreme Court heard Mr Chalmers sent financial documents to the investment group claiming the company earned $200,000 in the first half of that year.
The couple (pictured) said they lacked ‘financial means’ to defend themselves in court because of medical bills arising from Ms Cheah’s first birth
Ms Cheah (pictured) has 158,000 Instagram followers, while Mr Chalmers once ran Kings Cross nightclub Beach Haus, where Leonardo DiCaprio celebrated his 37th birthday
The documents also stated revenue was growing and the company expected further earnings of up to $325,000 for the remainder of 2017.
Cadence (90) Investments ultimately bought $1,066,649.73 worth of shares in the company while the second interested party invested $49,986.63.
However, the court found Mr Chalmers and Ms Cheah transferred money into their business accounts to ‘pump up’ Sporteluxe’s revenue figures for the investors.
Cadence was issued with a bankruptcy notice against Ms Cheah in September 2019, and she was served on February 16, 2020, in LA, where she moved with her family in 2016.
She had 21 days to pay the $1million back.
Cadence was issued with a bankruptcy notice against Ms Cheah (pictured) in September 2019, and she was until March 9 to pay after being served in February 16 2020 in LA
But Ms Cheah travelled to Australia on February 19 with her six-month-old son Olly and left on March 9 without having paid back any of the funds.
‘Ms Cheah committed an act of bankruptcy on March 9, 2020, being the last day by which she could have complied with the requirements of the bankruptcy notice,’ the Federal Circuit Court said in a newly released judgement.
Her estate was ordered to be sequestrated, meaning she is now bankrupt.
Investor Mr Cronin told The Daily Telegraph he hoped he would be able to recover the money, while the lawyer for Ms Cheah and Mr Chalmer’s said they were exploring potential for appeal.
‘The continued goal is to reach an amicable resolution in the future,’ the couple’s lawyer said.
Neither Ms Cheah or Mr Chalmers have been charged with any crimes.
The NSW Supreme Court heard Mr Chalmers sent financial documents to the investment group claiming the company earned $200,000 in the first half of 2017