Police have extradited a man from South Australia for his alleged involvement in a fraudulent cold call operation based on the Gold Coast.
The 51-year-old South Australian man is facing multiple fraud charges for his alleged connection to investment companies Accord Professionals Group Pty Ltd, Voss Capital Management Pty Ltd, LayBet Professionals, Charterhurst Agencies Pty Ltd and Parkview Corporate Services Pty Ltd, all based on the Gold Coast.
Police received multiple complaints reporting companies offering investment opportunities involving predictive sports betting software.
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He will appear in Southport Magistrates Court this morning.
“Those cold called were promised a 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 told to open online betting accounts.
“The software failed to work and the offenders took the money for themselves. We believe they stole around $6million of victim’s money,” Acting Detective Superintendent Terry Lawrence of the Fraud and Cyber Crime Group said.
“It is timely for us to remind the public of the importance of seeking independent and legal advice before committing to any form of investment. These companies will go to all lengths to try and sell to you so it is important you take a step back and seek further advice.
“A good starting point would be the ASIC MoneySmart website, the Australian Competition and Consumer Commission’s Scamwatch website and the Office of Fair Trading. All of these resources not only provide ways to protect yourself, but list companies to look out for,” Acting Detective Superintendent Lawrence said.
Common warning signs to look out for:
- Out of the blue” contact from a company
- The promise of high returns on profits, seemingly “too good to be true”
- Use of terms such as “trading”, “investment”, “tax free”, “low risk”, or “risk free profit”
- The use of a 1300 or 1800 phone number
- A virtual address or a serviced office space.
To protect yourself you can:
Visit www.moneysmart.gov.au or call 1300 300 630 for further information or advice.
- Alert your family and friends to these investment frauds, especially those who may have savings to invest.
- Report suspected investment frauds to the Australian Securities & Investments Commission, via www.moneysmart.gov.au or 1300 300 630, or your local police. Any information that can be provided such as company name, location and contact details will assist with subsequent investigations and enquiries.
- Hang up on unsolicited telephone calls offering investments.
Check any company you are discussing investments with has a valid Australian Financial Services Licence at <www.moneysmart.gov.au>.
- Seek independent financial advice before making an investment.
- Contact your financial institution immediately if you think you’ve been scammed to see whether they can retrieve funds invested or prevent further funds being lost.