Major question looms over investigation into ‘suspicious' death of Melbourne woman

Health authority hands down lifetime ban for testosterone salesman Michael Farrelly

ABC News

38 minutes ago

ABC News

Health authority hands down lifetime ban for testosterone salesman Michael Farrelly

When Michael Farrelly stepped out onto a Gold Coast street in late 2016, wearing a jumper plastered in oversized Chanel logos, an ABC TV crew was waiting for him. As he walked to a waiting convertible, the self-described "serial entrepreneur" dodged questions about charging patients as much as $44,000 for untested stem cell therapy with the promise it could treat everything from multiple sclerosis to cancer. "Just wondering if you're aware that your company … has been referred to the Queensland Health Ombudsman for misleading and deceptive practices?" the reporter asked him. "You'll have to talk to my lawyer about that," he replied, before speeding off into the night. The Queensland Health Ombudsman never took any action against Michael Farrelly, who'd been operating his stem cell business in that state under an alias, Mikael Wolfe. It would be nearly a decade before Michael Farrelly came onto the ABC's radar again. When Background Briefing started looking into serious complaints about him last year, the businessman had undergone a makeover — he'd found a new product to spruik, moved to New South Wales and even taken up a new alias, Vergel Page. As Vergel Page, he was selling testosterone online to men with the promise of making them feel like a "million bucks", giving them "big coconut balls" and sending their sex drive "through the roof". Many of his clients told us the reality of this treatment fell far short of his shiny sales pitch. Some were left thousands of dollars out of pocket, while others even experienced serious health impacts. But now, almost a decade after he was first investigated by health authorities, Michael Farrelly has been permanently banned from the healthcare industry by the NSW Health Care Complaints Commission (HCCC). In issuing the permanent ban this month, the HCCC found that in operating three online testosterone replacement therapy (TRT) clinics — Climax Clinic, Australian Institute of Sports Science and Peak Performance Clinic — Farrelly's conduct had "posed a risk to public safety". It said that despite having no qualifications to do so, he'd made recommendations to his clients about medication, including telling one patient to double his testosterone dose "against the instruction of the named prescriber". "A permanent prohibition order means Mr Farrelly is banned from providing any health service in any capacity in NSW, Queensland, South Australia, and Victoria," NSW Health Care Complaints Commissioner John Tansey told the ABC. "Mr Farrelly showed little regard for client safety or the laws that regulate health services. The evidence confirmed he posed a serious and ongoing risk to the public, and his refusal to cooperate left the Commission with no option but to impose a permanent ban." The HCCC regulates hundreds of thousands of practitioners in NSW and this is just the third permanent ban it has made this year. While the ban stops Farrelly from running a healthcare service, it appears there's nothing to stop him starting up another company in another industry. He has also not been charged with any criminal offences. TRT has exploded in popularity in recent years, spruiked to men by manosphere influencers including Joe Rogan. Many men are inundated with ads on social media, with clinics promising it's a cure-all for everything from flagging energy to low libido. For one of Farrelly's former clients, retired builder Sam, the draw was the hope of alleviating the crippling pain of his osteoarthritis. An online ad led him to contact one of Farrelly's online TRT clinics, the Australian Institute of Sports Science — mistakenly thinking it was associated with the Australian Institute of Sport — and he spoke to a man who called himself "Vergel Page". Michael Farrelly's lawyers admitted to the HCCC that Vergel Page was a "sales pseudonym" for Farrelly. After a short phone consultation with a doctor, Sam paid $3,500 for a year's supply of TRT and ongoing care. But when his testosterone shot up to more than 10 times his original levels, neither Vergel Page nor the clinic would respond to him. "I had no help," Sam says. "Zero." Sam is just one of many former Farrelly clients who spoke to Background Briefing, recounting similar stories of paying thousands of dollars for TRT, only to be ghosted. Jamie, 48, developed a chronic heart issue, atrial fibrillation, after starting on injectable testosterone prescribed by a Farrelly TRT business called the Climax Clinic. He and others also received abusive messages from Farrelly after contacting him for a refund. In March last year, Farrelly put his TRT clinics into liquidation, saying there was no money left, and disappeared. So Sam and some of his other clients started organising in a Facebook group to try and find him — to get their money back, and to get some answers. They thought Farrelly was still operating in New South Wales, until one day Sam got an intriguing Facebook message: a tip that the TRT salesman, with his distinctive facial tattoos, had been spotted in a small, sleepy town in northern Tasmania. Background Briefing found that property records showed a house in the Tasmanian town was purchased in late 2023 under Farrelly's mother's name. A liquidator's report also confirmed that a car at this property, a white Mercedes-Benz, was owned by Michael Farrelly. Eyewitnesses said the TRT salesman was living at the address, too. HCCC commissioner John Tansey told the ABC that Farrelly first came onto the regulator's radar in 2022, but his move interstate, while operating under multiple businesses and aliases, made its investigation very difficult. In Australia, each state has its own individual health regulator. The national healthcare watchdog, AHPRA, currently only polices registered healthcare practitioners, such as doctors and nurses, and not unregistered practitioners like Farrelly. The NSW HCCC's investigation into Farrelly stretched out for over a year, as investigators combed through business records and even got clinical records from the TRT clinics' software provider when, the HCCC said in its decision, Farrelly stopped cooperating. Commissioner Tansey said the evidence collected during the HCCC's investigation confirmed Farrelly had facilitated the supply of prescription medication without having the qualification to do so, and that the commission was keeping an eye on him. "Any breach of the order is a criminal offence and may result in prosecution," the commissioner said. While the HCCC is only the regulator for NSW, its ban on Farrelly is also enforced by Victoria, Queensland and South Australia. And in December last year, his new home base of Tasmania passed laws to recognise other states' healthcare prohibition orders, putting an end to the possibility of him being able to practise there too. Sam thinks more needs to be done to make TRT safe, including national regulation and stricter rules on who can open up these clinics. "I know there's a lot of people on Facebook that will hate me because they don't want it regulated because they won't get their medication," he says. "I just think the whole industry needs to be regulated." He points to the fact that in January this year, while still under a temporary prohibition order from the HCCC over his existing TRT clinics, Michael Farrelly was able to open a new business that supplied testosterone replacement therapy. Company records show that the business was registered at the Tasmanian address, where the HCCC's orders didn't apply, and Farrelly was named as its director. Its directorship was only transferred to someone else this week. The ABC understands ASIC has not disqualified Farrelly from managing corporations. The liquidator of Farrelly's TRT businesses has spent more than a year trying to trace more than $15 million of transactions that flowed in and out of the companies. He's expected to report to creditors within the month.

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

The Age

an hour ago

The Age

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

In the late summer of 2017, Melbourne-based investor Craig Astill ventured to the Northern Territory to spend a few days at Aileron Station, a major cattle farm sprawling over a million acres just 130 kilometres from Alice Springs. During the trip, the 54-year-old marvelled over the farm's oasis-like vista: bright-green grass and brimming dams set against the backdrop of Central Australia's endless red dust desert. Astill's investment firm, Caason Group, had acquired the significant property two years earlier for an undisclosed sum. While Caason Group, founded by Astill in 1999, held a diverse portfolio – from telecommunications to mining to fintech – there was no doubt Aileron Station was its crown jewel. So much so that in 2021, Astill led the purchase of neighbouring hay farm Oolloo Farm for $6.1 million. The spoils of Caason Group's success over its 26-year lifespan afforded Astill and his family a life of opulence. He vacationed in beachfront villas in the Maldives and carved turns on the Val d'Isère slopes of the French Alps. He showcased renovations of a multimillion-dollar home and was known to drive luxury cars through the streets of Melbourne's affluent inner-east suburbs. Astill couldn't know it during that 2017 trip up north, but lenders would eventually seize possession of the Aileron and Oolloo farms, selling them to rich-lister Charlie Shahin. It was an event dubbed by sources unable to speak publicly as the beginning of the end for Caason Group and Astill's life of luxury. The Melbourne investor now faces serious questions about the management of his firm, whose key subsidiary collapsed with just $75 in its bank accounts, minor share holdings in two collapsed mining companies, and two luxury cars – a $75,000 black Maserati coupe and $50,000 black Land Rover wagon. Astill is subject to ongoing scrutiny from the corporate cop, and a long list of investors and creditors furious over money they are unlikely to ever see again. He was declared bankrupt last month with a $10.7 million debt pile mounted from excessive borrowing, business failures, legal action and gambling. As liquidators, receivers and administrators trawl through Caason's various insolvent companies, a murkier picture of the firm's operation has begun to emerge. Alleged misconduct has been identified. Millions of dollars have been lost. Lucrative metal rods, gold bullion and precious mineral sands purportedly owned by Caason and used to secure loans, have either not been found or are owned entirely by another company. The firm's key entity, Caason Investments, entered liquidation in November after a lengthy court battle with a $24 million hole in its balance sheet. It owes 108 creditors an estimated combined total of $4.7 million. They range from private lenders to individuals with personal relationships with Astill and his family. Caason Investment liquidator Adam Preiner determined the company traded while insolvent from at least June 30, 2021, leaving Astill liable to the tune of $3.5 million. The creditors' report, filed to the Australian Securities and Investments Commission in February, detailed $18 million in loans to Caason Group's related companies, Astill himself, and his wife. Preiner also identified several potential offences, which he indicated were detailed in a confidential report sent to ASIC. Questions have also been raised about the firm's commercial associations, which included twice-bankrupt mining spruiker David Catsoulis, self-described 'Christian marketplace leader' Dave Hodgson – who has been sued twice by ASIC – and previously banned director Colin Oxlade. Astill told the liquidator in November that Caason Investments had operated an 'innovation, research and development and project management investment business'. Preiner's investigation, however, painted a largely different picture: 'My investigations have identified that [Caason Investments'] predominant activity was borrowing funds from private investors and lending the borrowed funds to related entities of the company,' the liquidator stated in his report. The Australian Securities and Investments Commission is investigating Astill and his companies amid the litany of concerns identified in reports filed to the corporate regulator by liquidators, a well-placed source unable to speak publicly confirmed. The regulator declined to respond to detailed questions, but said: 'ASIC is aware of the concerns involving Caason Group and is considering them in line with our normal processes.' The corporate cop has already charged Astill. In December, the investor fronted Sydney Downing Local Court on two counts of failing to lodge a key report directors are required to file during the insolvency process, known as a Report on Company Activities and Property (ROCAP). The charges, launched by ASIC, were related to Aileron Station and Oolloo Farm. Astill eventually submitted the two ROCAPs. He was fined, and no conviction was recorded. When contacted by this masthead, Astill insisted on sitting down for an interview but on the day it was scheduled his solicitor responded, questioning the public interest of the story and revoking the offer of speaking to his client. There was no response to detailed questions sent later to Astill and his lawyer. The firm's collapse, and Preiner's findings, have been a long time coming for some creditors, several of whom launched a series of court proceedings last year in a bid to wind up several of its key entities after Caason defaulted on repayments. But applications to wind up some of Caason's companies go as far back as 2020. Some creditors who spoke to this masthead on condition of anonymity expressed sympathy for Astill, placing the blame on the private lenders Astill sourced financing from. 'He's straight up, [before this loan] he's paid me back – apart from this it's all been good,' said one investor, who met Astill over a decade ago. The creditor has written off the six-figure loan made out to Caason about five years ago. Others are not angry the business failed, but rather that Astill failed to act as his companies continued to incur losses and defaulted on repayments. Instead, they claim, Astill obfuscated and denied creditors' concerns, leading to an increase in debts and the unlikelihood of any sort of return. 'Craig had a moment when he realised he f----- up – he could've copped it, but instead he decided to weave a web of deceit,' one creditor said. And then there are those with more serious concerns, who feel deliberately misled. This includes creditors whose loans agreements, several of which have been obtained by this masthead, were supposed to be secured by collateral that liquidators say they have been unable to locate or if located, were owned by another company. These include the precious metal rods, gold bullion and mineral sands. Until his bankruptcy, Astill continued to operate various Caason Group entities and in October, he appeared as a speaker on an online forum discussing success in agriculture, despite the litany of financial woes, court proceedings and angry creditors. Astill stated in his bankruptcy documents his insolvency was due to 'excessive borrowing, business failure, legal action, and losses from gambling'. Astill's bankruptcy trustee, Gavin King, found that Astill owes at least $10.7 million, according to his initial report to creditors. His bank accounts are overdrawn by $20,000, and a SportsBet account held a little over $156. There are no other assets, and – like Caason Investments – Astill's personal creditors are unlikely to recoup any of their funds. Many of Astill's personal creditors were private investors to the Caason Group, whose loans were secured by personal guarantees provided by the Melbourne businessman. Curiously, the largest creditor of Astill's estate is an entity called Castill Investments – incorporated by Astill a month before he applied for bankruptcy – which is owed $4.2 million. One investor, owed over $150,000, has breathed a sigh of relief that Astill is banned from managing companies now he is bankrupt. 'I play high-risk games, and you don't win all the time and that's fine, but … you expect people to be straight up. Craig wasn't,' the investor said.

Sydney Morning Herald

an hour ago

Sydney Morning Herald

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

In the late summer of 2017, Melbourne-based investor Craig Astill ventured to the Northern Territory to spend a few days at Aileron Station, a major cattle farm sprawling over a million acres just 130 kilometres from Alice Springs. During the trip, the 54-year-old marvelled over the farm's oasis-like vista: bright-green grass and brimming dams set against the backdrop of Central Australia's endless red dust desert. Astill's investment firm, Caason Group, had acquired the significant property two years earlier for an undisclosed sum. While Caason Group, founded by Astill in 1999, held a diverse portfolio – from telecommunications to mining to fintech – there was no doubt Aileron Station was its crown jewel. So much so that in 2021, Astill led the purchase of neighbouring hay farm Oolloo Farm for $6.1 million. The spoils of Caason Group's success over its 26-year lifespan afforded Astill and his family a life of opulence. He vacationed in beachfront villas in the Maldives and carved turns on the Val d'Isère slopes of the French Alps. He showcased renovations of a multimillion-dollar home and was known to drive luxury cars through the streets of Melbourne's affluent inner-east suburbs. Astill couldn't know it during that 2017 trip up north, but lenders would eventually seize possession of the Aileron and Oolloo farms, selling them to rich-lister Charlie Shahin. It was an event dubbed by sources unable to speak publicly as the beginning of the end for Caason Group and Astill's life of luxury. The Melbourne investor now faces serious questions about the management of his firm, whose key subsidiary collapsed with just $75 in its bank accounts, minor share holdings in two collapsed mining companies, and two luxury cars – a $75,000 black Maserati coupe and $50,000 black Land Rover wagon. Astill is subject to ongoing scrutiny from the corporate cop, and a long list of investors and creditors furious over money they are unlikely to ever see again. He was declared bankrupt last month with a $10.7 million debt pile mounted from excessive borrowing, business failures, legal action and gambling. As liquidators, receivers and administrators trawl through Caason's various insolvent companies, a murkier picture of the firm's operation has begun to emerge. Alleged misconduct has been identified. Millions of dollars have been lost. Lucrative metal rods, gold bullion and precious mineral sands purportedly owned by Caason and used to secure loans, have either not been found or are owned entirely by another company. The firm's key entity, Caason Investments, entered liquidation in November after a lengthy court battle with a $24 million hole in its balance sheet. It owes 108 creditors an estimated combined total of $4.7 million. They range from private lenders to individuals with personal relationships with Astill and his family. Caason Investment liquidator Adam Preiner determined the company traded while insolvent from at least June 30, 2021, leaving Astill liable to the tune of $3.5 million. The creditors' report, filed to the Australian Securities and Investments Commission in February, detailed $18 million in loans to Caason Group's related companies, Astill himself, and his wife. Preiner also identified several potential offences, which he indicated were detailed in a confidential report sent to ASIC. Questions have also been raised about the firm's commercial associations, which included twice-bankrupt mining spruiker David Catsoulis, self-described 'Christian marketplace leader' Dave Hodgson – who has been sued twice by ASIC – and previously banned director Colin Oxlade. Astill told the liquidator in November that Caason Investments had operated an 'innovation, research and development and project management investment business'. Preiner's investigation, however, painted a largely different picture: 'My investigations have identified that [Caason Investments'] predominant activity was borrowing funds from private investors and lending the borrowed funds to related entities of the company,' the liquidator stated in his report. The Australian Securities and Investments Commission is investigating Astill and his companies amid the litany of concerns identified in reports filed to the corporate regulator by liquidators, a well-placed source unable to speak publicly confirmed. The regulator declined to respond to detailed questions, but said: 'ASIC is aware of the concerns involving Caason Group and is considering them in line with our normal processes.' The corporate cop has already charged Astill. In December, the investor fronted Sydney Downing Local Court on two counts of failing to lodge a key report directors are required to file during the insolvency process, known as a Report on Company Activities and Property (ROCAP). The charges, launched by ASIC, were related to Aileron Station and Oolloo Farm. Astill eventually submitted the two ROCAPs. He was fined, and no conviction was recorded. When contacted by this masthead, Astill insisted on sitting down for an interview but on the day it was scheduled his solicitor responded, questioning the public interest of the story and revoking the offer of speaking to his client. There was no response to detailed questions sent later to Astill and his lawyer. The firm's collapse, and Preiner's findings, have been a long time coming for some creditors, several of whom launched a series of court proceedings last year in a bid to wind up several of its key entities after Caason defaulted on repayments. But applications to wind up some of Caason's companies go as far back as 2020. Some creditors who spoke to this masthead on condition of anonymity expressed sympathy for Astill, placing the blame on the private lenders Astill sourced financing from. 'He's straight up, [before this loan] he's paid me back – apart from this it's all been good,' said one investor, who met Astill over a decade ago. The creditor has written off the six-figure loan made out to Caason about five years ago. Others are not angry the business failed, but rather that Astill failed to act as his companies continued to incur losses and defaulted on repayments. Instead, they claim, Astill obfuscated and denied creditors' concerns, leading to an increase in debts and the unlikelihood of any sort of return. 'Craig had a moment when he realised he f----- up – he could've copped it, but instead he decided to weave a web of deceit,' one creditor said. And then there are those with more serious concerns, who feel deliberately misled. This includes creditors whose loans agreements, several of which have been obtained by this masthead, were supposed to be secured by collateral that liquidators say they have been unable to locate or if located, were owned by another company. These include the precious metal rods, gold bullion and mineral sands. Until his bankruptcy, Astill continued to operate various Caason Group entities and in October, he appeared as a speaker on an online forum discussing success in agriculture, despite the litany of financial woes, court proceedings and angry creditors. Astill stated in his bankruptcy documents his insolvency was due to 'excessive borrowing, business failure, legal action, and losses from gambling'. Astill's bankruptcy trustee, Gavin King, found that Astill owes at least $10.7 million, according to his initial report to creditors. His bank accounts are overdrawn by $20,000, and a SportsBet account held a little over $156. There are no other assets, and – like Caason Investments – Astill's personal creditors are unlikely to recoup any of their funds. Many of Astill's personal creditors were private investors to the Caason Group, whose loans were secured by personal guarantees provided by the Melbourne businessman. Curiously, the largest creditor of Astill's estate is an entity called Castill Investments – incorporated by Astill a month before he applied for bankruptcy – which is owed $4.2 million. One investor, owed over $150,000, has breathed a sigh of relief that Astill is banned from managing companies now he is bankrupt. 'I play high-risk games, and you don't win all the time and that's fine, but … you expect people to be straight up. Craig wasn't,' the investor said.

Major question looms over investigation into ‘suspicious' death of Melbourne woman

Hashtags

Try Our AI Features

Comments

Related Articles

Health authority hands down lifetime ban for testosterone salesman Michael Farrelly

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

Major question looms over investigation into ‘suspicious' death of Melbourne woman

Hashtags

Try Our AI Features

Comments

Related Articles

Health authority hands down lifetime ban for testosterone salesman Michael Farrelly

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

Cattle, cars and missing gold bars: How a life of luxury collapsed into bankruptcy

Get Started Now: Download the App