A Gold Coast man has been charged with defrauding Australians of millions of dollars through several cold call investment scams.
The 38-year-old, from Clear Island Waters, was arrested and charged at the Southport Watchhouse this morning.
Police say the man has been involved in the scams, which offered investment opportunities involving the purchase of predictive sports betting software and commodity trading, over the past 13 years.
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The business names he is alleged to have been aligned with include Sports International Investment Corporation, Accord Professionals Group Pty Ltd, Voss Capital Management Pty Ltd, LayBet Professionals and Beyond Global Corporation (BCG) Pty Ltd all based on the Gold Coast.
Police allege victims cold called by the scammers were promised software that would provide high levels of financial return accompanied by tax free gains. They were given demonstrations at their homes to show how effective the software was and instructed to open online betting accounts.
“The software failed to work and the offenders took the money for themselves. We believe they defrauded more than $3.5 million from victims and that is just from those victims we have identified or have come forward,” Detective Superintendent Terry Lawrence of the Financial and Cyber Crime Group said.
“We will allege none of the funds were ever invested”.
The man was charged with five counts of fraud.