Man arrested over cold call scam allegedly raked in millions over 13 years

Posted

August 17, 2017 15:27:52

Police arrest a 38-year-old Clear Island Waters man after a cold call investment fraud investigation.
Photo:

Police arrest the 38-year-old Clear Island Waters man. (Supplied: Queensland Police)

A man allegedly involved in a long-running investment scam that ripped off victims to the tune of $3.5 million has been arrested by police on the Gold Coast.

The 38-year-old Clear Island Waters man is facing five charges of fraud over his alleged management of companies that sold predictive betting software and other investment schemes.

Police allege the victims were cold called and offered returns on their investment as high as 5 per cent a week.

Detective Senior Sergeant Janelle Walsh said the arrest followed multiple complaints from people across Australia reporting companies associated with the scams.

“It’s been a really long road for us to get here, it’s been a huge investigation and it’s taken an extraordinary amount of resources,” Detective Senior Sergeant Walsh said.

“We’re really happy with the result today.”

Detective Senior Sergeant Walsh said at least 63 victims have been identified across Australia, but more are believed to have been stung by the 13-year scam.

Business names associated with the scams included Sports International Investment Corporation, Accord Professionals Group Pty Ltd, Voss Capital Management Pty Ltd, LayBet Professionals and Beyond Global Corporation — all of which were based on the Gold Coast.

The betting software was based on the probability of horses losing a race, rather than winning to improve the odds of winning overall.

When people complained the predictive software did not work, they were encouraged to put their money into another scheme to recover their losses.

Cold calling
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Police say at least 63 victims have been identified across Australia. (ABC News: Mark Doman)

“If you are cold-called by someone in your home, be conscious of the fact that if they are offering returns that seem to be too high or out of line with current interest rates and things along those lines, they should be really wary and conduct their own online research, and always seek independent legal advice,” Detective Senior Sergeant Walsh said.

“People need to be really vigilant.”

Police said those caught up in the scams were unlikely to ever see their money again, with most of the proceeds used to fund “lifestyle”.

“What we know from our complainants so far is it has a devastating impact on their lives,” Detective Senior Sergeant Walsh said.

“To get to the mid-50s and have lost all of your retirement savings has a devastating effect, so we really encourage people to look online, and always, always do your research.”

Topics:

crime,

law-crime-and-justice,

fraud-and-corporate-crime,

crime-prevention,

southport-4215,

brisbane-4000,

qld,

australia



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Article source: http://www.abc.net.au/news/2017-08-17/man-arrested-over-cold-call-scam-police-allege-raked-in-millions/8817234

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