Those empty Blue Chip promises

Mark Bryers. Photo / Doug Sherring

The Blue Chip group of companies promised mum-and-dad investors high returns on property investments, convincing many to spend their retirement savings on property schemes.

It collapsed in February 2008, owing about 3000 investors $80m. The Serious Fraud Office investigated.

Blue Chip boss Mark Bryers was bankrupted in October 2009, owing personal creditors $230m.

He was sentenced in the Auckland District Court in May 2010 to 75 hours of community work and fined $37,500 for failing to complete financial statements.

Now living in Sydney, Bryers was reported in February to have been involved in a new Blue Chip-style property scheme.