Australias most infamous property spruiker Rick Otton, the controversial How To Buy A House For $1 author, has filed for bankruptcy, crippled by the largest fine in corporate history.
It comes five months after he and his company were fined $18 million for misleading property investors following ACCC legal action.
The Federal Court judgment found breaches of Australian Consumer Law of $12 million against Ottons business and $6 million against him personally.
But his four bank accounts have just $18,800, including $5.74 with NAB, according to his statement of affairs filed on the national personal insolvency index at the Australian Financial Security Authority.
There was $37,000 owing on his credit cards.
Ottons We Bu…
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