A joint investigation between ASIC and the Victorian police has seen a man arrested for running a suspected investment scam that fleeced nearly half a million dollars from its victims.
A 42-year old man was arrested following the execution of two search warrants at addresses in Thornbury this morning. The man is alleged to have obtained a large number of fake international passports and used them to open personal and business bank accounts at a number of institutions in Melbourne, as well as created a number of websites and advertisements to scam at least $370,00 from victims who believed they were investing in legitimate investment companies.
“In the COVID-19 environment, many people are experiencing financial stress and can be the target of scammers,” said ASIC deputy chair Daniel Crennan QC.
“ASIC will continue to take action to protect consumers from unlicensed financial investments and fraudulent activity. ASIC’s investigation has prevented any further investments in the scheme and any additional harm to consumers.”
An ASIC investigation into a series of suspected financial investment scams found more than 40 false business names registered to form part of the scam between 2019 and 2020.
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