Scotch College and Elite Private Schools

: It is understood the student told his investors he had just returned from an exchange to Germany and had set up a manufacturing arm making watches for $2 to $3 a piece – promising students a lucrative return, according to Nine News Australia. The invites went beyond the walls of Scotch College to students at other elite private schools including Xavier and St Kevin’s. The year 12 student at Scotch College in Hawthorn convinced his friends to get involved in an online fashion start-up business promising them a return on their investment. In many cases the victims handed over hundreds of dollars and sometimes thousands - one pupil reportedly lost a whopping $150,000 when the investment venture flopped. The student family is yet to make any comment on the matter, but it is understood that his father reportedly apologised to the young investors caught up in the scheme and has since repaid their money. Scotch College has remained tight lipped and said it is a matter for the families and individuals involved. (news.financializer.com). As reported in the news.