A gambling whiz kid is flaunting his charmed life of boat parties, $200 bottles of wine, and long golf days while his investors chase him for millions of dollars they believe they are owed.

Chris Brown, 27, is besieged by multiple lawsuits and bankruptcy actions by angry investors who claim to have not seen returns from his bet-hedging operation, the West Australian reported.

Brown, from the ritzy Perth suburb of Dalkeith, claimed to pull big wins using his gambling model that cashes in on odds for horses shortening as races approach.

However, his financial backers claim when they ask where their slice of the profits is, they are told it is held up by banks, agencies, and authorities.

Meanwhile, his Instagram profile shows him partying on boats, playing on exclusive golf courses, and sitting inside swanky wine bars.

Other photos show him rubbing shoulders with millionaires and even AFL greats Chris Judd and Simon Black.

The two footballers claim not to remember the photo being snapped and Black guessed it was taken at a grand final parties with the pair thinking he was a fan wanting a selfie.

A family member who lent money to Mr Brown's business expecting to see a return within six months told The West Australian it was insulting to see him 'posting bottles of champagne worth hundreds' while some investors 'were struggling to feed themselves'.

'What was hard was all his posting (on social media). It was upsetting for them to see those photos - his weekends away, bottles of wine, trips down south, photos on golf courses, all over the place,' the man said.

'And while he was out living this lavish life of comfort and riches there were people that were day-to-day struggling because their investments were gone - everything that they had was gone.'

Creditors owed $126 million by Mr Brown went to the Federal Court in March seeking to have specialist insolvency accountants from KPMG given the green light to seize control of his assets.

On March 25, Justice Darren Jackson appointed a team from KPMG as receivers of Mr Brown's private assets and his private company CMB Investments 1993.

Mr Brown's business activities - which included bet-hedging schemes - were backed by family members, schoolmates, and business associates over the past five years.

Other financial backers of Mr Brown included equipment hire entrepreneur Jaysen Tayler, who went to the Federal Court in March seeking to recover $65.5m he is personally owed by Mr Brown.

According to receivership orders issued by the court, Mr Brown admitted to owing $34.4m to Nameo, the private company of another financial backer, Nader El Sayed.

KPMG has been ordered to file a report by May 25.

Justice Jackson is also overseeing bankruptcy proceedings against Mr Brown, which have been ongoing since January.