On 25 January 1980 Nugan was found dead in his car on an isolated dirt track near Bowenfels, New South Wales with a gunshot wound to the head, which the coroner concluded was self-inflicted.
In 1973 he co-founded the Nugan Hand Bank with Australian lawyer Francis John Nugan, concentrating on the international side of the bank.
The bank was co-founded in 1973 by Australian lawyer Francis John Nugan and US ex-Green Beret Michael Jon Hand, and had connections to a range of US military and intelligence figures, including William Colby, who was CIA director from 1973 to 1976.
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