Police have charged a 54-year-old man with 19 fraud offences after seizing documents and electronic devices while executing a search warrant at a Boston Road residence in Belmont on July 23, as part of Operation Victor Calculated.
The operation investigated a series of frauds allegedly committed throughout Queensland from 2022 to 2024, with more than 30 victims identified so far, across Australia and internationally.
It will be alleged the man used a Ponzi scheme with marketed investments in foreign currency and cryptocurrency.
The fraud was based on alleged investments that never occurred, causing significant financial harm to the victims, totalling almost $700,000.
Detective Inspector Kerry Lofdahl from the Financial Crime Squad encouraged people to ensure they only use licensed financial planners to help avoid becoming a victim of fraudulent behaviour.
“People work their entire lives to provide for their loved ones, but there will always be individuals like this who will consistently prey upon the public’s desire to improve their financial standing,” Detective Inspector Lofdahl said.
“You can check your financial planner’s credentials through the moneysmart.gov.au website, including their qualifications and training, and which products they can advise on.”
The 54-year-old Belmont man appeared in Brisbane Magistrate’s Court on July 24 and was remanded in custody for a further expected appearance today, July 25.
