The Fall of Rory Conacher: Liquidated in Court, Exposed by Family, and Finally Held Accountable

 

On Monday, 4 August 2025, justice took its first meaningful step forward.

In the Durban High Court, a provisional liquidation order was granted against RJS Capital (Pty) Ltd, the company through which Rory Conacher misled and devastated a long line of victims—many of whom were his own friends and family.

This follows our original exposé: “The Betrayal of Trust: How Rory Conacher Deceived Family and Friends“, where Michelle Alistoun first shared her heartbreaking story.

For years, Rory has spun tales of court cases, “businessmen,” trust accounts, and magical repayments that were always just two weeks away. But this time, the court didn’t buy it. And this time, neither did the people he hurt the most.

RJS Capital Placed Under Court Supervision

The ruling means RJS Capital is now under temporary court supervision. A provisional liquidator has been appointed to:

• Freeze the company’s bank accounts
• Investigate claims of misconduct
• Safeguard any remaining assets
• Prevent Rory from hiding funds or continuing his lies

The next hearing—scheduled for 17 October 2025—will determine whether that liquidation becomes permanent.

But no matter what happens next, this is already a massive turning point. For victims. For justice. For the truth.

Michelle Alistoun Breaks Her Silence

In the aftermath of the hearing, Rory’s cousin and primary creditor Michelle Alistoun has bravely chosen to go public with her full story—something she’s held back for years in the hope that Rory would finally do the right thing.

He didn’t.

Instead, he showed up to court representing himself, without legal papers, and spoke in a way that reportedly undermined his own defence.

Michelle’s written statement is powerful. But what’s even more powerful is hearing her read it herself.

In her own voice, Michelle recounts the emotional toll of being manipulated by someone she loved. It’s raw. It’s honest. And it’s a testament to the strength of a woman who refused to stay silent.

She describes how Rory took hundreds of thousands of dollars, including her daughter’s university fund, and gave nothing back but false hope, spiritual platitudes, and deflection. She outlines how she formed a group of creditors called The Vanguard, funded legal action, compiled a 100-page affidavit, hired lawyers, investigators, and took Rory head-on.

This is what fighting back looks like.

Rory’s DARVO Playbook Falls Apart

Michelle also calls out Rory’s classic DARVO behaviour:

• Deny any wrongdoing
• Attack those who speak up
• Reverse the roles of Victim and Offender

Sound familiar? It’s the same tactic I’ve seen from dozens of other con men. But this time, it’s not working. This time, people are speaking. This time, a liquidator is involved, and it’s no longer just empty threats and Telegram voice notes.

A Vindication for Those Who Tried to Warn You

Let’s not forget—this is the same Rory Conacher who once promoted Hyperverse, the collapsed crypto Ponzi that left thousands of investors in ruins. The same Rory who just last month was pushing StepChain, yet another shady “opportunity” that raises more questions than it answers.

It’s been a long road exposing this guy.

From the very beginning, I—The Crypto Ponzi Scheme Avenger—called out Rory’s pattern of deception. While others stayed quiet or gave him the benefit of the doubt, I tracked his movements, documented his manipulations, and stood with victims like Michelle when no one else would.

So yes—this moment is personal.
This moment is vindication.

To anyone still clinging to the hope that Rory will turn things around: wake up. The man is in court, under liquidation, and completely out of time. He couldn’t even submit a proper defence. And now, thanks to Michelle’s strength and relentless pursuit of justice, he’s out of power—legally and morally.

To Rory Conacher, If You’re Reading This…

You promised the world and delivered excuses.
You exploited trust and disguised theft as “delays.”
You invoked NDAs, Bible verses, and fantasy businessmen.
And now? You’re in court without a lawyer.

You may not be in prison (yet), but you’re no longer in control. Your house of cards has collapsed. And the very people you deceived are now the ones who will decide what happens next.

To the Victims: You Are Not Alone

If you’re a creditor, now is the time to come forward.

Michelle’s story proves that one voice can start a movement. But a chorus of voices can bring the whole scam crashing down.

“Real justice is collective.” – Michelle Alistoun

Speak up. File your claims. Demand accountability.
And never again let silence protect someone like Rory.

Play the Voice Clip

Please listen to Michelle’s emotional statement embedded in this post. It’s not just a story. It’s a reckoning.

Transcript also available for accessibility below

Michelle Alistoun’s Statement (Full Text)

Originally read aloud by Michelle in her own voice — available as an embedded audio clip in this blog.

Today, Monday 4 August, the Durban High Court heard the matter of Michelle Alistoun & Sebastien Mangeant vs. RJS Capital.
The judge ruled in favour of a provisional liquidation.

This means RJS Capital has now been placed under temporary court supervision because there is compelling evidence the company is insolvent and involved in misconduct. A provisional liquidator has been appointed to take control of the business, freeze its bank accounts, and safeguard its assets while a formal investigation takes place. Rory Conacher no longer has any decision-making authority during this time. The goal is to prevent further harm—such as money disappearing or assets being hidden. A final hearing will follow shortly to determine whether the company should be permanently liquidated, allowing any remaining funds to be distributed fairly among creditors. This is the first legal step toward recovering what we are owed.

My name is Michelle Alistoun. I’m Rory Conacher’s cousin. I’ve known him all my life.
And like so many others, I gave him a significant sum of money. Speaking publicly today is not easy. I loved Rory deeply for most of my life. But I share my story now so that no one else has to live through the nightmare that has consumed the past three years of mine.

Let me be absolutely clear: telling the truth will not stop Rory from repaying his creditors.
Only his own lies can do that. And if his promises of repayment are genuine, I will be the first to acknowledge it—openly and publicly. But if that “repayment” comes by luring in new victims through further manipulation, we want no part of it.

Growing up, Rory was the kind of person people said could “sell ice to a snowman.”
He was charismatic. Charming. Always the family man. People trusted him. We tolerated his unreliability because he had a way of making people feel seen—especially when it served him.

When Rory visited us in the UAE, he insisted on paying every bill.
He spoke enthusiastically about a crypto trading desk that was supposedly generating spectacular returns. My husband, Sebastien, believed it could work. And against my better judgment, we invested—not only our life savings, but also my daughter’s university fund.

In April and May 2022, we transferred hundreds of thousands of dollars to Rory under formal loan agreements.
He claimed the money was securely held in trust. He repeatedly assured us, “This is not a Ponzi scheme.”

Then in August 2022, everything collapsed. Rory vanished.
When he resurfaced, he blamed “black swan events.” Still, we waited. He told us to stay calm. Promised repayment. Made excuses. Delayed. Reassured. It was all smoke and mirrors.

For three years, the same cruel pattern repeated.
The money was always “just two weeks away.” It reminded me of being told to “flatten the curve” and take the injection. I didn’t fall for it then, and I’m not falling for it now. Back then in 2021, I watched people lining up for their fourth booster shot. More lately, I’ve watched people waiting for the 47th promise of repayment. I didn’t understand human behaviour then—and I still don’t.

By 2025, it was painfully clear: Rory was managing us with hope and fear.
He warned that if we pursued legal action, then we’d lose any chance at repayment. We even received a cease-and-desist legal letter from the so-called trading desk. We are not intimidated or afraid.

And let’s be honest: there is nothing illegal about telling the truth.

Silence protects predators.
So I formed a group of creditors called The Vanguard. We pooled our evidence. I personally spent countless hours compiling a 100-page affidavit. I paid the lawyers. I paid the notary. I paid for document service and I paid for a private investigator. I have spent hundreds of thousands of rands—not for any special treatment, but for justice.

And if any recovery is made through this liquidation, it will be shared with all creditors—unless they formally oppose it. I could have filed for summary judgment and fought for my claim alone. But I didn’t. Ask yourself: why? What do I gain?

The answer is simple: real justice is collective.

Rory’s response?
He didn’t submit a proper legal defence. Instead, he accused us of defamation, extortion, and breaching confidentiality. He warned other creditors that supporting us would land them in court, be investigated by the South African Revenue Service, and again assured them that payment was near, so they would forfeit that. Four people believed him, panicked, and asked to be removed from the affidavit. I have needed to block them and they can now seek their own legal counsel. I hope, in time, they open their eyes.

A friend of mine who works in psychology told me Rory’s behaviour is textbook DARVO:
Deny, Attack, and Reverse Victim and Offender.
It’s a manipulation tactic. The abuser denies wrongdoing, attacks the accuser, and then paints themselves as the victim. It’s not new—but it works, if you let it.

So why am I speaking now?
Because Rory continues to spread false hope. He still claims the money is coming. But hope without action is a trap. And I refuse to stay trapped.

To every creditor listening: you are not alone.
Don’t let fear or shame silence you. Coming forward is hard—but the only way to stop those who exploit trust is to speak out, seek legal counsel, and hold them accountable.

I’ll end with a story that helps me make sense of how someone who was supposed to love me could steal from me.

A scorpion asks a frog to carry him across a river. The frog hesitates, afraid he’ll be stung. The scorpion says,
“Why would I sting you? We’d both drown.”
Halfway across, the scorpion stings him.
“Why?” the frog gasps.
“I couldn’t help it,” the scorpion replies. “It’s in my nature.”

That’s Rory.
He knows what’s right. He knows what’s fair. But he always chooses what serves him—because that’s who he is.

I’ve practised yoga for 30 years. I’m nowhere near enlightenment. But this experience has taught me one thing: resilience.
In another life, perhaps Rory and I will laugh and thank each other for the lessons. And I already do thank Rory now—for the lesson. Thank you, Cuz…
But I don’t expect you to thank me back – not in this lifetime.

In this life, I will not be silent. I will keep telling the truth—until justice is served.

Thank you for listening.
And if my story has moved you, I hope you’ll have the courage to step forward too.

Michelle Alistoun

Blog by Danny de Hek – The Crypto Ponzi Scheme Avenger

If you’ve been affected by Rory Conacher, Hyperverse, or StepChain, or want to share your story confidentially, visit dehek.com/contact or reach out directly at danny@dehek.com

Let’s keep holding them accountable.
Let’s keep speaking the truth.

About the Author

Danny de Hek, also known as The Crypto Ponzi Scheme Avenger, is a New Zealand-based investigative journalist specializing in exposing crypto fraud, Ponzi schemes, and MLM scams. His work has been featured by Bloomberg, The New York Times, The Guardian Australia, ABC News Australia, and other international outlets.

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My work exposing crypto fraud has been featured in:

• Bloomberg Documentary (2025): A 20-minute exposé on Ponzi schemes and crypto card fraud
• News.com.au (2025): Profiled as one of the leading scam-busters in Australasia
• OpIndia (2025): Cited for uncovering Pakistani software houses linked to drug trafficking, visa scams, and global financial fraud
• The Press / Stuff.co.nz (2023): Successfully defeated $3.85M gag lawsuit; court ruled it was a vexatious attempt to silence whistleblowing
• The Guardian Australia (2023): National warning on crypto MLMs affecting Aussie families
• ABC News Australia (2023): Investigation into Blockchain Global and its collapse
• The New York Times (2022): A full two-page feature on dismantling HyperVerse and its global network
• Radio New Zealand (2022): “The Kiwi YouTuber Taking Down Crypto Scammers From His Christchurch Home”
• Otago Daily Times (2022): A profile on my investigative work and the impact of crypto fraud in New Zealand