Add articles to your saved list and come back to them any time.A non-profit club linked to Sydney Boys High School is caught up in a global investment scheme that many investors now believe is a dud.can reveal The High Club, a non-profit group set up by alumni of the selective public school, holds more than half a million shares in dubious investments Steppes Partners and Australian-based ALT Financial Group.
Lewis declined to answer questions about the club, or how he and the club came to invest in the shares. Last week ASIC banned one of the financial advisers, Kris Ridgway, after learning a year ago that he was selling the unauthorised products and earning secret commissions of up to 17 per cent from McFaddens Securities , which is run by Sutton.
It would not disclose how much it paid for the 515,000 ALT Financial or Steppes shares, or whether it had invested in other unlisted shares linked to the international investment scheme. Other investors contacted by this masthead said in 2016 shares in Steppes and ALT Financial were selling for anywhere between 17.5 cents and 75 cents each, depending on the seller and the financial adviser. Based on these prices, the club could have invested between about $90,000 and $380,000.