According to court testimony delivered on September 3, 2026, the business partner of a man accused of operating a $100 million Ponzi scheme through the AMS Ivanhoe Lawyers practice discovered a secret cache of loan files hidden in an office cabinet following the principal operator’s death. Shane Maguire told a Melbourne court that he found the documents in the office of his long-time business partner, John Adams, after Adams died suddenly in 2023 at a holiday house near Lorne.
Discovery of the AMS Ivanhoe Mortgage Scheme Files
Shane Maguire was called to give evidence by liquidators examining companies tied to the collapsed investment scheme. AMS Ivanhoe Lawyers serviced affluent clients, including former Carlton Football Club president Ian Collins, racing industry figures, and the Victorian Bookmaking Association. Many clients invested money with the firm, which then loaned the funds out at higher interest rates than traditional banks.
After Adams died in 2023, liquidators uncovered that the operation was allegedly a Ponzi scheme, where money from new investors funded generous returns for earlier participants. The collapse wiped out tens of millions of dollars. Maguire testified that while he knew the firm ran a mortgage scheme starting in 2004, Adams led him to believe it closed after 2013. “I was trusting of John Adams. We were partners, we worked together for a long time. After his death I found out that I should not have trusted him. I have paid a significant consequence,” Maguire told the court, according to the hearing record.
Civil Claims and Hidden Bank Accounts
Since the collapse, Maguire and fellow partner Vincent Sier have faced dozens of civil claims from investors because their names appeared on key legal documents. Neither man has been formally accused of any criminal offence, and both have retired from legal practice. During his examination, Maguire reviewed documents confirming he and Adams were co-directors of companies established to manage client investments.
Evidence presented to the court included a bank statement for an AMS account that received mortgage funds, which Maguire stated was not an official firm account. The billing address on the statements was a post office box in Lorne. “The moment I saw the bank statements being sent to Lorne it concerned me there would be no reason they would be sent to Lorne but to be hidden,” Maguire stated during the proceedings.
Did you know?
AMS Ivanhoe Lawyers managed investments for high-profile clients, including the Victorian Bookmaking Association and former sports executives, before the 2023 collapse revealed tens of millions in losses.
Fake Mortgages and PEXA Logins
The court heard testimony regarding a bank guarantee the firm obtained to cover financial obligations of the mortgage fund. Counsel for the liquidators, Christopher Brown, KC, questioned Maguire about why the bank guarantee remained active in 2023 if the fund was meant to wind down in 2013. Maguire replied that Adams had not taken steps to release it.
Further investigation revealed that Adams allegedly drew up fake mortgages and registered them over clients’ homes without their knowledge or permission. According to testimony, some of these fraudulent mortgages utilized Maguire’s login credentials for the property settlement platform PEXA, access to which was shared among firm staff.
Office Access After Adams’ Death
Maguire testified about arriving at the law firm’s office on the Sunday morning after Adams died. He found Nick Adams inside the office alongside Adams’ personal assistant. When Maguire asked what they were looking at, they denied touching files, prompting Maguire to tell them to leave.
Days later, Nick Adams returned a folder containing lists of bank accounts, though the personal assistant could not confirm whether any documents were removed beforehand. Maguire subsequently searched the office cabinets and desk drawers, locating manilla folders detailing information for individuals who provided investment funds. “And after spending some time going through those, I realised that he’d been running a Ponzi scheme quite outside the practice, and that I wasn’t too sure what to do at that stage,” Maguire told the court.
Frequently Asked Questions
What was the AMS Ivanhoe scheme?
According to liquidators and court testimony, it was a $100 million operation where funds from new investors were used to pay returns to older investors, collapsing after the 2023 death of principal operator John Adams.
Have criminal charges been filed against Shane Maguire or Vincent Sier?
Neither Maguire nor Sier has been formally accused of any criminal offence, though both have faced numerous civil claims from investors and have retired from legal practice.
How was the scheme uncovered?
Business partner Shane Maguire discovered hidden loan files and bank statements in John Adams’ office cabinets and desk drawers following Adams’ sudden death in 2023.
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