Man accused of $1.5 million fraud at Coffs Harbour

A man will face court today after allegedly defrauding three people of more than $1.5 million in Coffs Harbour.

In January 2018, detectives from Coffs/Clarence Police District established Strike Force Reganza to investigate alleged fraudulent activity being conducted by a then 56-year-old man.

Following extensive inquiries, strike force detectives attended a home in Mordue Street, Jesmond, about 12.25pm yesterday (Monday 10 May 2021), where they arrested a 59-year-old man.

He was taken to Waratah Police Station and charged with nine counts of dishonestly obtain financial advantage by deception.

Police will allege the man coerced three men to invest in fraudulent business ventures, totalling $1,589,000 between February 2013 and December 2015.

Police will further allege all these funds were utilised for personal use.

He was refused bail to appear at Newcastle Local Court today (Tuesday 11 May 2021).

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