[sgbuffett]

Is such a waste that someone can raise so much money and have many connections throw it all away to make it a scam. If they just do legal investments, succeed or fail still got some name

I don't think there is any much skills in his "networking" just to show off business plans. Apparently he could not get any money from big investors only prey on people who attended his course. Naive people with no experience.

If he can get big investors why take money from retiriees, technicians and students. 

Apparently, savvy investors won't buy his idea of a Chinese town 400km outside Perth in some no man's land small town. It's a project to lure gullible people. Chinese are not so silly to buy there. They want to stay in established cities like Melbourne.
.if they go to such rural place they might as well stay in rural China.

I don't believe there is a real project there anyway. Just a plan to get money and run off.