He denied any dishonest activity, but admitted he had lost the $6.7 million as a result of making bad decisions.
He promised to return to New Zealand by the end of September to deal with the allegations and try to put things right with the investors.
But since then, he has not made contact with anyone in New Zealand.
He has not responded to emails from the Herald, and has not been in contact with Mr van Leewarden.
A source close to Mr Lusby's family said they were "heartbroken" he had not returned home.
They have not heard from him since about September, and have no idea where he is.
"We don't even know if he's alive. Maybe we'll never see him again," the source said.
"It's really horrible, terrible. It's absolutely shocking and it breaks our hearts."
The source did not understand how Mr Lusby could simply vanish overseas.
"How do these people run and not get caught? We can't believe it. It's hurting the family."
Mr Lusby's family were being "driven crazy" not knowing where he was. The source said they still loved him and wanted him to come home.
Details of Mr Lusby's lavish lifestyle overseas recently emerged - his family say he owns a Porsche, a boat, a plane and a beach house in Panama.
In September he admitted to the Herald that he used investors' money to float that lifestyle.
He admitted pouring $200,000 into his bar in Panama City - which later went bust.
A further $750,000 was lost in a failed merger with another investment fund.
"It's all gone," he said at the time.
"I got behind the eight-ball ... I definitely haven't stolen anything. But I need to face up to the allegations and see what can be resolved."
