A former Gold Coast man has been charged with a string of offences relating to his alleged involvement in a major ‘Cold Call Investment Fraud’ syndicate that was operating on the Gold Coast.
The 74-year-old was arrested on Tuesday morning after detectives raided a Clayfield home and the office of a Gold Coast law firm.
Police allege the man obtained about $950,000 during the enterprise, with majority of the money spent on a 70-foot luxury motor yacht.
“We allege the victim’s money was fraudulently appropriated by the defendant including to fund the $750,000 purchase of the vessel”, Detective Senior Sergeant Jason Gough, Organised Crime Gangs Group said.
A BMW convertible was also seized during this morning’s arrest.
Five other people have previously been charged in connection with the syndicate, which allegedly scammed Australians out of an estimated $3 million.
The man is expected to appear in the Brisbane Magistrates Court later today on fraud, money laundering and perjury-related charges.