Convicted fraudster dupes NRL’s Jarryd Hayne out of $780k
A Sydney man jailed and permanently banned by the Australian Securities and Investments Commission (ASIC) allegedly duped former NRL player Jarryd Hayne out of $780,000.
Ishan Seenar Sappideen of Bellevue Hill, Sydney, is serving a 12-year jail sentence after being convicted of running a Ponzi scheme that stole $4.6 million from investors.
In September 2014, he was permanently banned from providing financial services by ASIC after the regulator found he misled clients into believing he could believe them with exclusive access to Facebook’s initial public offering (IPO).
Sappideen dishonestly induced investors to place $500,000 with him for the IPO. At the time of the conduct, he did not hold an Australian Financial Services License and was an authorised representative of an AFS licensee.
In 2018, Sappideen was sent to Cooma Correctional Centre, where he later met former Parramatta Eels and Gold Coast Titans player Hayne, who is serving at least three years for sexual intercourse without consent.
Hayne was one of at least six inmates who Sappideen convinced to transfer him more than $2 million between 2020 and 2022 for Bitcoin investing, according to Sky News Australia.
He told fellow inmates that he worked for an investment company and could earn the inmates big returns on their investments.
Documents shown to inmates by Sappideen are alleged to have implied he worked with Atlassian founder Mike Cannon-Brookes at his private investment company Grok Ventures. There is no suggestion Cannon-Brookes was involved in the scam.
Given Sappideen lacked internet access in jail, it was understood the accounts were controlled by his contacts outside of jail.
Sappideen had since been transferred to a different jail, and the complaints had been referred to the NSW Police Fraud Squad and the Australian Federal Police.
AUTHOR
Laura Dew
Recommended for you
Atrium Investment Management, part of Fitzpatricks Financial Group, has selected Russell Investments to enhance personalised investment solutions and opportunities for its clients.
MA Financial Group’s new listed investment trust has hit the ASX, while Wilson Asset Management confirms the upcoming launch of its ninth listed investment company.
Global asset manager abrdn has returned to its roots after a maligned branding exercise, announcing it will now be known as Aberdeen for its investment and adviser business.
Nominations and submissions have now opened for the annual Fund Manager of the Year Awards, to be held on 26 June 2025.
Yes, Jail is always the best place to meet a new adviser.
Wonder if he was an experience pathway advisor or fully qualified (sorry couldn't resist)...!
If this is not a story for Hollywood I don't know what is.....hang on that's an idea..send me some money and you can get on the ground floor of the next wolf of wall street style of movie....hang on... if you miss that one, they'll be another one soon involving a Super fund and QAR proposals. At least when he's out of jail, he'll be able to get a job working for a Super fund soon selling products.
If only he had internet access in prison he could have done his FASEA exam online and non of this would have happened lol
Good Grief..