Brisbane man extradited from New Zealand over global investment fraud
A Brisbane man has been extradited from New Zealand overnight to face 25 charges over a multimillion-dollar global investment fraud.
The 54-year-old man and an accomplice are alleged to have stolen $11,960,000 from 21 victims from Queensland, New South Wales, Victoria, the United Kingdom, the United States and Europe between 2007 and 2016.
Police said it would be alleged the man, who operated as a solicitor and financial planner, ran a property investment scheme based on short-term bridging loans under several companies.
Some of the companies were allegedly based in New Zealand, Singapore and Hong Kong.
The man told victims that developers would pay high interest for funds borrowed over a short period (generally three months) until the banks funded the developers’ projects.
However, police believe the investment did not exist.
The accomplice, a 72-year-old woman, was charged with nine counts of fraud after a house raid at a Dornoch Terrace address in Highgate Hill on January 31, 2019.
She has been charged with nine counts of fraud and appeared before the court on February 25.
After the arrest of this woman, a further six victims came forward to police to lodge formal complaints.
Financial and cyber crime group Detective Superintendent Terry Lawrence said there could be more victims who have not yet identified themselves to police after the year-long investigation.
“We will allege the offender in these matters was not qualified to act as a solicitor or financial planner," he said.
"This highlights the importance of questioning broadly each element of a proposed investment.
“Inquiries can be made with the State Bar Board, Queensland Law Society or on ASIC’s MoneySmart website to confirm authority to operate.
“Maintaining control of your finances and personal identification information is integral to ensuring your investments are safe.”
The man has been charged with 25 counts of fraud and is due to appear at the Brisbane Magistrates Court on Sunday.