NEWCASTLE fraudster Lemuel Page continues to live the high life flaunting his taste for fine cars.
If the holidays to the Greek Islands and luxury beachfront unit weren't infuriating enough for his creditors, they were apoplectic at Page’s latest toy: a Ferrari 458 Italia Speciale V8 worth up to $500,000.
Fairfax Media can reveal that the luxury car is owned by Ohmut, a company run by Page’s ex-wife Fiona Page, of Cardiff, keeping the expensive toy at arm's length from creditors.
Adding salt to the wound is the fact that several creditors, who lost their life savings to Page, have seen him driving around in the luxury car in the past few weeks.
In a place like Newcastle a Ferrari stands out. But Page, a notorious big talker, doesn’t seem to care.
A creditor, who asked not to be named, said the master manipulator was “deliberately rubbing it in our faces”.
In July, Page’s lengthy career as one of Newcastle’s most notorious scam merchants came to a very public end when he was convicted of fraud in the Downing Centre Local Court and sentenced to at least eight months in jail.
Page, a self-proclaimed “successful shares trader”, who regularly boasts of links to the notorious Sydney family the Ibrahims, appealed the sentence, was released on bail and is due to reappear before the Sydney District Court next month.
His fraud conviction for selling a friend a fake diamond ring for $85,000 was music to the ears of dozens of Hunter investors and tradespeople who trusted Page with their money and lost it.
Despite his cries of crippling financial stress, Page, 48, is still spotted driving around the Hunter in a luxury Mercedes 4WD and now the Ferrari.
The Ferrari was purchased in 2015 and financed to BMW Australia Finance.
Fairfax Media understands the car had been in storage at a Sydney car dealer for almost a year.
According to a trustee report compiled by Geoffrey McDonald in August 2015, Page claimed he had no real estate interests, one car that he owed money on and a string of failed investments.
At that point he only had $200 cash to his name, the report detailed. In June, insolvency experts were called in to take control of Page’s former companies, Elefteria and Elefteria Properties, one that used to hold property worth millions across Newcastle and Sydney.
But the chances of creditors getting anything back from the failed companies is remote after the extensive property assets of Elefteria Properties were sold off in the months before the company failed.
All properties were sold to companies linked to Page’s long-term partner Renay Bull or his ex-wife Fiona Page who he remains close to.