What happened?

John Wheatland operated a Managed FX Investment Fund. The fund made consistent losses, which John Wheatland falsely reported as profits to investors to encourage further investments. He also used client deposits into the Investment Fund, which should have been ring-fenced, for his personal benefit.

Did you invest money in John Wheatland’s Flip Flop Forex Investment Fund?

If so, you may be wondering what has happened to John Wheatland and, more importantly, what has happened to your money. Unfortunately, it’s not good news. Contact with John Wheatland ceased at the end of July 2019 and the only correspondence since then has been an email from his brother, sent to the majority of investors in August 2019 to inform them that John Wheatland had lost all of the money entrusted to him. The value of the Fund prior to John Wheatland’s disappearance was reported as AUD$4 Million and investor deposits into the fund exceeded AUD$1.7 Million.

Has John Wheatland been convicted?

On 28th October 2024, John Wheatland appeared in Court in Queensland for sentencing on three counts of Fraud and Money Laundering. He received custodial sentences of 12 months, 5 years and 9 years, to run concurrently. He will be eligible for parole after 2 and a half years and could be deported from Australia when he is released.

Will the missing money be returned?

No restitution order was made by the Court. John Wheatland claimed that he intended to repay AUD$1.65M quantum losses to investors when he is in a position to do so. The AUD$4M fund value reported to investors was a fabrication supported by evidence of investment performance that had been falsified by John Wheatland.

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