INVESTIGATIONS into fraudster Newcastle accountant Ray Walkers finances are nearing an end with two remaining companies placed in the hands of insolvency experts.
The cash hunt has found a bottomless pit into which millions in clients funds disappeared.
An investigation started after Walker killed himself in July 2015 when his long-running ponzi scheme was uncovered revealing a host of shadowy financial dealings over decades.
Walker, who lived a life of luxury off his elderly clients money, presented himself as a typical suburban accountant, spending his days handling business and tax affairs for clients in offices across Newcastle and Lake Macquarie.
But in reality he bank-rolled his lifestyle by pilfering almost $11 million from his mostly Hunter-based clients.
Bankruptcy trustee Ray Tolchers investigations were hampered by missing books and records and will soon to be finalised after creditors were paid 10.66 cents in the dollar in December.
In a report to creditors late last year, Mr Tolcher revealed that there was only $1.1 million left for more than 70 known creditors owed about $11 million.
Im not aware of anything else that needs to be done, Mr Tolcher said.
Two remaining Walker-related companies were placed in voluntary liquidation in the past few weeks, Capital Funds Management the holding company for the Cosmopolitan Unit Trust - and Bowen Properties.
Victims lost large sums of money that Walker pumped into a dud property development in Carrington via the unit trust.
According to Australian Security and Investment Commission (ASIC) documents filed by the executor of Walkers estate, his lawyer daughter Sarah Walker, Capital Funds Management has $5168 in the bank and $200,996 held in the trust account of the estates lawyers, Mason Lawyers.
The only creditor Ms Walker has listed is Mason Lawyers, owed $20,000.
Liquidator Simon Thorn, of PKF Australia, said the liquidation of both companies was in the very early stages. Mr Thorn said he expeceted a dividend would be paid to the Cosmopolitan Trusts unit holders.
The records I hold indicate there are 12 parties who invested in the Cosmopolitan Unit Trust, he said.
Shares in Bowen Properties were transferred to the bankruptcy trustee as part of a settlement deal struck by Mr Tolcher with Walker's widow, Jennifer Walker.
The settlement deal saw the partial proceeds of two property sales injected into the estate and Bowen Properties.
Mr Thorn said the company had no assets or creditors and would be wound up.
