In Australia, Fairy Meadow House Pty Ltd, which raised more than A$10 million to build housing for people with severe disabilities in Fairy Meadow, a suburb of Wollongong, went into liquidation in May. Developer Sean Mowbray, who ran the company, was declared bankrupt in July; he had $150 in his bank account, ABC News Australia reports.
Liquidators investigate cash withdrawals
Liquidators identified more than 10 cash withdrawals from Fairy Meadow House accounts totalling more than $5.28 million, made before the company entered liquidation. They said they had been unable to verify the legitimacy of these transactions.
Mowbray told…