April 29th 2024.
Four individuals have been taken into custody and charged for their involvement in a suspected cryptocurrency investment scam on the Gold Coast. According to reports, the scheme managed to swindle approximately 30 people out of $1.5 million. This arrest follows a thorough two-year investigation by Queensland Police into fraudulent investment practices, commonly known as "boiler room" schemes.
Authorities have focused their investigations on multiple companies, including "Crypto Advisers Australia," "Strategic Capital," "Active Marketing Solutions," and "Alternative Capital." These companies are believed to have been involved in various cryptocurrency investment scams. Police have stated that these fraudulent activities occurred between 2018 and 2021, utilizing a Ponzi scheme method and identity takeovers. In an attempt to conceal their illegal activities, the offenders allegedly transferred the stolen funds through cryptocurrency, precious metals, luxury vehicles, and real estate.
On March 11 and 12, police arrested three individuals, a 37-year-old man, a 67-year-old woman, and a 36-year-old man, all from the Gold Coast. They have each been charged with one count of money laundering and are expected to appear in court today. Additionally, a 46-year-old man from North Brisbane has also been arrested and charged with four counts of fraud and one count of money laundering. He appeared in court on March 25 and is expected to make his next appearance on May 27.
The Queensland Police have issued a warning to individuals seeking high returns on their investments. Detective Acting Steve Inspector Paskin advises people to be cautious and do their due diligence before investing in any product. He encourages individuals to seek professional advice from a registered financial planner to understand the legitimacy of the investment, the expected returns, and the potential risks involved.
This news comes on the heels of the Australian Competition and Consumer Commission (ACCC) revealing that Australians lost a staggering $2.74 billion to scams in 2023. While this number is a 13.1% decrease from the previous year, it still highlights the prevalence of fraudulent activities in the country. Prime Minister, Scott Morrison, has called for an urgent national cabinet to address the issue of violence against women. As more and more people look for ways to make quick profits in the current economic climate, authorities urge individuals to be cautious and seek professional advice before investing in any financial product.
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