A man has been arrested following an investigation into fraudulent financial advice.
Detectives from the Serious and Organised Financial Crime Investigation Section arrested an 80-year-old man from the Fleurieu Peninsula area today (Thursday 1 June) and charged him with 16 counts of aggravated deception and three counts of deception.
The total amount of money stolen was over $700,000.
The offences were committed between 2005 and 2017 and involved six elderly victims.
It will be alleged that the man committed the offences in his employment as a financial planner.
None of the money provided to the man has been recovered.
Police will allege that the victims were deceived to provide money to the accused for non-existent investment schemes for their retirement. It will be alleged that there was no investment schemes and the suspect used the money for other purposes.
Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation to ascertain whether there are any further victims or offences against the male.
The man was bailed to appear in the Victor Harbor Magistrates Court on 7 August.
South Australia Police advise the community to:
* Be cautious of online advertisements offering investment opportunities. Scammers also use social media platforms to lure potential victims and direct them to fraudulent websites.
* Be suspicious of individuals who tell you that you must act now. You should always have time to make an informed decision on a legitimate investment opportunity.
* Ensure any financial advisor holds an Australian Financial Services license and provides correct documentation when investing money with them.
For further information on scams affecting South Australians, please visit www.police.sa.gov.au/scams
