TONY EASTLEY: Another Victorian stockbroker has collapsed, this one in Geelong, and investors stand to lose millions of dollars. Chartwell Enterprises has gone into voluntary administration, leaving a lot of local families wondering what's to become of their life savings.

The collapse has stirred up memories of the Pyramid Building Society failure in 1990, which crippled Geelong's economy.

Rachael Brown reports.

RACHAEL BROWN: Geelong investor, Ann Abrahmsen, says the Chartwell collapse has cost her up to $150,000, wiping out her superannuation and only source of income.

She says she was one of the founding investors of Chartwell Enterprises and says she was shocked to hear the company had gone under.

ANN ABRAHMSEN: I just felt numb. I didn't really feel anything. It was like, whoah. I was very surprised, I guess.

RACHAEL BROWN: And I'm guessing that you had a lot of faith in that company to put all your savings in there?

ANN ABRAHMSEN: Well, I didn't actually put it with the company, I put it with the person and it wasn't a company when I gave Graeme Hoy my funds. We entered into an agreement for him to trade my income.

RACHAEL BROWN: Have you been able to get in touch with him?

ANN ABRAHMSEN: No, I haven't.

RACHAEL BROWN: What would you like to say to Mr Hoy?

ANN ABRAHMSEN: I'd just like to know what happened. Yeah, I'd like to know what happened.

RACHAEL BROWN: Thankfully, Ms Abrahmsen was spared the similar pain of the Pyramid Building Society failure two decades ago, which battered the city's economy.

Ms Abrahmsen isn't the only one unable to contact Graeme Hoy. He's yet to return the ABC's messages.

GRAEME HOY (answering machine message): It's Graeme Hoy here and I'm sorry I'm not available at the moment. So please leave a message and I'll get back to you as soon as I can.

RACHAEL BROWN: He's said to have broken the bad news to more than 20 investors via email on Monday.

Distressed investors are reported to have gone on a rampage through the company's office, and the word "liar" was scratched into the driver's door of his black Jaguar convertible.

ASIC (Australian Securities and Investments Commission) has confirmed it is investigating the failed company, but refused to comment further.

PPB's Rod Slattery is acting as a receiver for another failed enterprise directed by Mr Hoy, the hospitality company, Black Swan. Black Swan had a 50 per cent share in Chartwell Enterprises.

Rod Slattery says he has had limited contact with Mr Hoy.

ROD SLATTERY: Mr Hoy has indicated that he has … is seeking legal advice and he is also speaking to an insolvency practitioner to review the current position and assess the way forward, but despite speculation I understand at this point in time no formal appointment has taken place.

TONY EASTLEY: Investor Rod Slattery, ending Rachael Brown's report.