A Gold Coast man has today been charged with various money laundering and financial crime offences over the past three years.
The 37-year-old man and another are accused of claiming to own graphene battery technology, and dishonestly advertising investment opportunities to an ASX listed company back in May 2016.
The investment company poured over $500,000 into the joint venture, before the two offenders then allegedly spent the funds on personal benefits, rather than the promised investment.
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The company tried to terminate the joint venture in September 2016, though the alleged offenders ignored their attempts to have their capital returned.
It resulted in financial loss to shareholders, including those who bought shares following the public announcement of the joint venture.
After a complex investigation into the alleged investment scam, police were able to charge one man today.
Detectives are also waiting on an arrest warrant for the other man – a 62-year-old former Gold Coast man.
Police allege the two offenders made a number of dishonest representations to former board members of the investor company, including lying about scientific qualifications and allegedly sending ice-cream machines overseas pretending they were involved in the production process.
The 37-year-old man has been arrested and charged with one money laundering offence and two fraud offences (dishonestly causing detriment and dishonestly induce delivery of $60050) and is expected to appear in Southport court on October 3.
An arrest warrant is in the process of being issued for the 62-year-old for the same charges.