A Gold Coast man has been charged after allegedly targeting “mum and dad” investors in a $30 million fraud case. It is alleged $24.8 million has already been spent gambling, rather than the purpose the money was received for.
He was arrested at his home in Hope Island, Queensland after an extensive investigation by New South Wales Police.
Due to the alleged offending being based out of New South Wales, Police Prosecutions had to make an application for him to be extradited to NSW. This extradition application was successful, and the Queensland man then went before His Honour Magistrate Dunlevy in the Tweed Heads Local Court for a bail application.
After rigorous submissions by his solicitor, the man was denied bail on the basis he posed a “very great risk of failing to appear” at future court dates.
If convicted of under section 192E of the Crimes Act 1900, he faces a maximum penalty of 10 years imprisonment. The matter must be heard in the District Court of New South Wales, regardless of whether the man pleads guilty or not guilty to the allegations.
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