SIX years after Newcastle accountant Ray Walker killed himself when his $11 million Ponzi scheme was uncovered, his son and former business partner has announced he plans to retire early at age 50.
In a letter to his clients this month, many of them from his father's former practice, Brett Walker said he would be retiring next year.
"My business success has given me this opportunity to slow down and spend more time with my family and I am thankful for everyone for their support over the years...," he wrote. "After 30 years as an accountant I am expecting, and very excited, to be challenged by stepping into this new phase of retired life!"
Many of them considered him a friend.
Brett Walker, who shared an office with his father for decades and was in partnership with him for years, has always maintained he knew nothing of the Ponzi scheme or what happened to the missing millions, and there is no suggestion that he was involved. He has enjoyed the continued trust and support of his clients after his father's fraud was uncovered.
He did not respond to the Newcastle Herald's requests for comment this week.
Ray Walker killed himself, on July 30, 2015, aged 67, when it was revealed he had stolen the life savings and superannuation funds of his ageing clients.
At a Federal Court hearing in August 2018, Brett Walker, who started Active Accounting Group after taking on his father's clients, said he had no knowledge of the Ponzi scheme.
Questioned for five hours by barrister Anthony Spencer, SC, for the bankruptcy trustee Ray Tolcher, Mr Walker repeatedly replied "I have no recollection", "I don't recall" or "I honestly don't recall". Asked if he was being truthful, Mr Walker replied that he was.
Ray Walker's suicide was precipitated by a bruising nine-page legal letter from solicitor Rob Brook, of Newcastle Legal, sent in July 2015 demanding the return of a client's retirement funds of more than $650,000.
Mr Brook said this week that Ray Walker had robbed his victims of their retirements.
"It's unseemly that Brett Walker sends a gloating letter to clients about the success of his business, it's the same business that he was a partner in by which his father defrauded clients of approximately $11 million," he said.
Jim Todhunter, a Newcastle taxi owner-driver, who lost $100,000 from his super and another $100,000 he invested on behalf of his daughter who has autism, said the loss had forced him back to work aged in his 70s.
He had known Ray Walker for more than 30 years when the theft was uncovered.
"I still think about what happened every day of my life," he said. "I'm paying my penance for trusting people, it's terrible to find out this way you can't trust people."
Lake Macquarie carpenter Richard Galloway, who suffers from asbestos disease, invested $300,000 with Ray Walker. His wife has been forced to return to work.
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