2006 Pie in the Sky Award winner – 1st Place

ASIC’s award for 2006 goes to an illegal investment scheme promoted through wealth seminars throughout Australia. Operated by Mr Craig McKim, Pegasus Leveraged Options Group (Pegasus) lured approximately 90 unsuspecting investors and raised $3.7 million. Over $2.1 million of the funds raised were lost in personal gambling and other personal expenses by Mr McKim.

In the case of the Pegasus scheme, the NSW Supreme Court found investors were promised returns of up to 8% a week – figures described by the Court as ‘astronomical’. Investors were even issued with a Certificate of Guarantee by a fictitious ‘International Investment and Securities Commission‘.

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