ASIC are investigating Aussie streaming service Guvera over missing $180m

ASIC is currently investigating Australian streaming start-up Guvera, with over $180 million from roughly 3,000 investors left unaccounted for after the company folded.

ABC’s 7:30 reports the company “used a network of accountants to convince mum-and-dad investors around the country to buy up millions of dollars’ worth of shares.” The company halted operations last month, after being rejected for an IPO in 2016. This failed float saw the company’s promises of massive financial gains go up in smoke.

Founders were further criticised after AFR revealed Guvera co-founder and CEO Darren Herft was on a salary of $264,000 last year, while his founding partner Claes Loberg was on $300,000.

“We’re asking the question: where did all the money go?” investor Ben Morris told 7:30, after his $90,000 of Guvera shares amounted to zero following the failed float. “They should be held accountable. We should have answers.”

This article originally appeared on The Industry Observer, which is now part of The Music Network.