Fraud, money laundering offences – Investment fraud

Detectives from State Crime Command in Brisbane have this morning arrested a 74-year-old former Gold Coast man for fraud, money laundering and perjury related offences, relating to his alleged involvement in a 2014/2015 Gold Coast ‘Cold Call Investment Fraud’ syndicate, Queensland Police say.

The investigation commenced in late 2015 and initially examined the links between a member of the Gold Coast ‘Finks’ outlaw motorcycle gang who was the Director of two telemarketing and sales companies, ‘Keystone Finance Pty Ltd’ and ‘Prestige Capital Australia Pty Ltd’. It is alleged that victims Australia-wide lost an estimated $3 million from the fraudulent enterprise. That person and five other people have previously been charged in connection with the investigation.

It is alleged the man obtained about $950,000 during the enterprise and the majority of this money was spent on lifestyle expenses and the purchase and renovation of a 70-foot luxury motor launch called the ‘Montage’ (later on-sold). A BMW convertible vehicle was seized during this morning’s arrest.

“This morning’s activities saw the execution of search warrants at a Clayfield residential address and also the office of a Gold Coast law firm. The defendant was taken into custody without incident. 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 stated.

The perjury charges relate to examinations held at the Crime and Corruption Commission during the investigation.

Police are objecting to the man’s bail and it is expected he will appear in the Brisbane Magistrates Court later today.

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/Public Release.