Investment fraudsters catch 2600 Australians

The Australian Crime Commission has released figures which indicate that 2600 Australians have lost over $113million to serious and organised investment fraud in the last five years. What is perhaps more surprising is that the targets for this type of crime are men in their 50s who are financially savvy, highly educated and most likely manage their own super. This is also a demographic which is unlikely to report that they have been swindled.

One such scam, reported on the ABC’s 7.30, is a sophisticated sports betting program, which calls for an investment of $16,000 for software and then stake money with which to bet. Marcus Hale was taken for a total of $36,000 and has had to return to work to recover his loses and replenish his retirement income. After buying the initial software, Marcus ‘invested’ $20,000 and sure enough, the profits started rolling in. Each week he would check his account balance and was delighted to see it grow. Until one day the words ‘This account is currently inactive’ appeared in red and he knew immediately that his money was gone.

These investment fraudsters strike at trade fairs, by cold calling and placing ads online and in print media. Their promises are not only impressive, but their operations are slick, and as many have sadly found, totally believable but fake.

Watch the report on ABC’s 7.30.

Read more about investment scams

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