GO BROKE QUICK WITH ADAM HUDSON

December millionaire, January liquidation.

UPDATE - November 2009. If you were a distributor with the now defunct Wealth Essentials or a business colleague of Adam Hudson's, please contact Neil Jenman at neilj@jenman.com.au. Thank you.

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by Neil Jenman

Adam Hudson described himself as a young Australian multi-millionaire. He boasted that he was mentioned in the BRW Young Rich Edition (October 2004).

Hudson placed full page advertisements in magazines claiming he had built several companies to multi-million dollar status.

The advertisements were for a "once only legitimate offer" for business investors "to be coached by a multi-millionaire". Hudson claimed that his company, Wealth Essentials Australia Pty Ltd., had "proven documented success".

All the investors had to do was pay Hudson amounts up to $140,000 each and they should earn minimum annual incomes as high as $480,000 by being his master distributors.

That was last month, December 2004.

But now it's January 2005 and Hudson, a former partner of disgraced property spruiker Henry Kaye, is telling a different story. "Wealth Essentials is going into liquidation," he said in an email to his investors this week. As of January 14, "the phones, faxes and email will be disconnected and the office will not re-open."

Hang on, last month he was a multi-millionaire.

So, what's Adam Hudson's explanation?

According to a statement from Wealth Essentials, "A company goes into liquidation when the Directors believe that the company is insolvent. No company can trade with almost no income which has been the case for some time."

Charming stuff. One month you tell people how rich and successful you are and you urge them to invest in your business and then, fourteen days into the following month, you say there has been almost no income into your company for some time.

In his email this week to those who gave him their money, Adam Hudson said, "I have no regrets." He applauded people for investing with him.

As for his immediate plans, Hudson said, "I will be taking a much needed extended rest."

When contacted last night for further comments about the plight of his investors, Adam Hudson said, "I am not interested. See ya."

He then hung up.