Melbourne's wealthy Deague family is suing an investment banker and his British backed firm alleging they were duped into investing millions in a $120 million apartment project that turned out to have higher costs than expected.
The Supreme Court of Victoria writ filed late last month also accuses an Alvarium company and Mr Treacy, former Villawood and Commonwealth Bank executive, of misleading and deceptive conduct. Hong Kong-headquartered, British-owned Alvarium was known as Guggenheim Investment Advisors until 2019. Family scion, Will Deague, who is named in the claim, was also the most high profile victim of the collapse of Sonray Capital which was founded by his Melbourne Grammar school chum Scott Murray - who was jailed over the broker's collapse.The Deague's investment arm, Deague Capital, alleges in February this year Alvarium informed it of a development opportunity that was in the final stages of negotiation over a building contract that "should be closed out over the next week".
"At no time had Hutchinson ever proposed a construction price in the range of $48,000,000 to $50,000,000."