Magali Russo, eldest daughter of Australian crook and Founder of the fraudulent BBX Barter exchange Michael Touma, has had one of her failed New Zealand companies wound up and struck off – finally. Education 2014 Ltd will be struck off the companies register in February 2019, but not before they [hilariously] had to cough up a few extra cents in the dollar for their hidden BBX balance! This whole saga is utterly shameful, highly revealing and excruciatingly embarrassing for the Touma family, but it is now all official documented fact. Read on!
BBX is an Australian based commercial Barter exchange founded by conman Michael Touma, a fast-talking Australian businessman who was banned from operating companies in New Zealand by the authorities before his death. I revealed their fraudulent currency BBX across the globe in Q1, 2017 in real-time, blogging that totally knocked the stuffing out of their failing operations.
His widow and daughters inherited the spoils as well as his ethical standards (or more accurately his lack of) and with family in-fighting Carolin MacDonald eventually got the power. Mags [that’s Magali Russo, the Director of multiple failed companies in New Zealand alone], is the eldest. She used the BBX trade exchange along with multiple companies in New Zealand to rip off the IRD (NZ’s tax Department) in a rotating fashion, by that I mean one after the other, just like her late father taught them all. That’s why he was banned by the NZ authorities from being a Director.
I report here the findings of the Liquidator showing the progression of inquiry, revelations of deceit and the net result. The crooks have the bulk of the money. The receiver got the lions share of what they recovered. The government of New Zealand got stuff-all and the taxpayers effectively subsidised the Touma lifestyle! Sound about right?
Here’s the proof.
Timeline of Events
- Mags establishes the company Education 2014 Ltd, (just one company in the middle of a series)
- The company trades [yeah right!], ending up with a large debt to the IRD and a large BBX trade balance
- Liquidator appointed
- Very few records provided
- Liquidator threatens Director
- Carolin McDonald takes over negotiations from Mags and offers to pay $10k – enough to cover the Liquidators Fees
- Liquidator announces that the barrel is empty – just another dead duck company with no assets
- Liquidator finds out that there is a large hidden asset within the BBX trading system – “Ah hah! What have we here now girls?”
- Another deal is done paying the liquidator only cents in the dollar for that large Trade Credit
- The NZ Government now gets a slightly larger small payout
- Liquidator warns the Companies Office that, “Like father, like daughter!”
Incredible! And all public now!
There are a few takehomes from this saga:
- The Touma family “forget’ things (like nigh on $100k trade credit in their own BBX Barter system) when it suited them. I call this deceit and crooked conduct.
- The Liquidator was conned and didn’t know that the company they were investigating had hidden assets. Their fees were paid in full with the two deals that they did with the crooks. That’s the ‘game’ possums!
- Carolin took over the whole dealings of Mags’ disasters and ‘sorted it out’. I can tell you very firmly that this was not Mags’ idea nor at her instigation! I can
almost hearjust imagine the cats at work discussing this one and in my mind’s eye I can see the claws coming out. BrotherlySisterly love, I’m sure!
- The [cash] money that came from this GST [technically called a Carousel Fraud] came from the New Zealand taxpayer. Yes, some of it came back by way of $20k in payments to PWC to get this saga closed down once and for all but the net loss was substantially more than the recovery. Crooks:1. NZ:0.001.
- Once a crook – always a crook! Dad taught the girls well eh wot?
Documents showing the above can be sighted and downloaded at the NZ companies office website www.companies.govt.nz and searching for “Employment 2014”. It’s a simple process gaining access to all the source documents.
Critical sections from the Liquidators, PWC, are listed below: