Investors face losses of up to $250 million after the mysterious death of a

'But sir,' Gideon asked, 'if the Lord is with us, why has all this happened to us?' Judges 6:13 WE may never know if the late Michael James Bastion was a student of the Bible, or whether he hoped to emulate the feats of Gideon, the hero of the Book of Judges, who with 100 men and some noisy trumpets vanquished a vast enemy tribe, became rich and died a happy old man.

Certainly he must once have felt God was on his side. The brash, ruggedly handsome New Zealander swiftly scaled the heights of the bourse in London, Sydney and Hong Kong, while at the same time carving out an identity as a serious player and horse-flesh connoisseur at that other great arena of chance, the track.

The combination proved irresistible to many. Bastion parlayed his steely nerves, killer instinct and an almost hypnotic personal magnetism into a weird vehicle named Gideon Investments, launched after a brief stint here as an equities dealer with Lehman Brothers. His one-man financial juggernaut promised stupendous returns, and everyone from sporting stars to gimlet-eyed veterans of the turf fell over themselves to invest fortunes - in some cases, life savings - with the wunderkind, most often on the strength of a wink and a handshake.

And then, seemingly so suddenly, it all went so very, very wrong. Since Bastion, 38, plunged to his death from the sixth floor of his plush Happy Valley apartment two weeks ago, each passing day has raised more questions than have been answered. While police have ruled the death an 'accidental fall from height', there are persistent rumours of suicide - and even foul play.

Liquidators are trying to unravel a financial tangle which has left red faces throughout the close-knit Hong Kong, Australian and New Zealand racing communities, with some 340 investors facing losses which could total up to HK$250 million. They had been seduced by Bastion's promises of returns of up to 60 per cent, and in reports sent to his clients - which may be proved to have been bogus - he would apologise if returns dipped below 25 per cent. While some friends cling to a picture of a man whose generosity knew no bounds, others fear another face of Bastion is coming into focus, of someone who continued to solicit investments to prop up his lavish lifestyle even as he knew his empire was crumbling.

It now seems the man so many believed could do no wrong was plagued by a host of secret demons - some investors believe he feared for his life due to debts owed to criminal syndicates stemming from a hidden gambling problem, and it appears his paranoia about being stalked in his final months was fuelled by a hefty cocaine habit. Others close to Bastion say he had hinted in the last six months that he was terminally ill. Police have confirmed they are conducting toxicology tests. Depending on their final report, a coroner's inquest may be conducted.