A group of wealthy backers are now suing Robert Bates, claiming he told them that “no one has ever lost money investing with me”.
Robert Bates, the founder of the Aquamamma and Aurum+ wellness empire, allegedly told his wealthy investors that “no one has ever lost money investing with me” and he would buy back their shares if companies that were part of the now-collapsed group failed to reach revenue targets.
Aquamamma, Aurum+ and its predecessor companies Hi Relief and HR Health variously sold sachets containing electrolytes and vitamins for pregnant women and products to help ease stress and anxiety. The six investors are suing Mr Bates, Ms Gibson and those companies.Mr Bates and his partner Emma Gibson, Aquamamma’s chief executive until last year, had a fortune of $145 million,. Ms Gibson described her company as “a billion-dollar business all day long”, with a revenue target of over $120 million.
As part of various funding agreements with investors, Aquamamma and Aurum+ were allegedly “required to provide each shareholder an annual report, including annual financial statements ... within three months of the end of the financial year, and an annual budget at the end of each financial year”. Those documents were allegedly never provided, and statements about valuations were “misleading or deceptive” and made it appear “a significantly more capitalised and valuable company than was ...
For years, Mr Bates reassured backers that their investments were safe. During a meal at Otto’s Restaurant in Sydney in August 2018, Mr Bates told Mr Cummins that he would buy back shares in Hi Relief “if necessary” and said words to the effect of “no one has ever lost money investing with me”, according to the documents filed with the Supreme Court.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NSW forestry agency ordered to stop logging after greater glider found deadOne of the endangered marsupials was found dead close to the controversial operation in Tallaganda state forest near Canberra
Read more »
Logging in NSW forest suspended after an endangered greater glider found deadAn endangered greater glider has been found dead near a logging operation in one of the last sections of habitat not burnt during Black Summer fires.
Read more »
Body found after 'dangerous' and 'intense' unit complex fireA crime scene has been declared after a body was found inside a three-storey unit complex engulfed in severe flames in inner Sydney.
Read more »
Remains of 2019 murder victim found in NSW grasslandThe family of Sydney woman Samah Baker say the discovery &x27;offers a small measure of what we&x27;ve been longing for&x27;
Read more »
Woman’s remains found in bushlandThe remains of a missing woman murdered by her ex-boyfriend have been found almost five years after her death.
Read more »
‘Freaky’: Australia’s foraging community shocked after parasitic worm found in woman’s brainSome swear off picking their own food after infection believed to be linked to collecting and consuming greens from bushland
Read more »