A Brisbane man who allegedly ran a global property investment scam worth over $12 million, has been charged with 25 offences.
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Anthony David Gray was extradited from New Zealand, and appeared in Brisbane Magistrates Court last Saturday. He is to appear in court for mention on April 1.
Mr Gray did not apply for bail, and will remain jailed until then.
The 54-year-old man was charged with 25 counts of fraud related to a property investment scheme run by his company Synergy Gray Professional Services for about 10 years, from 2007 to 2017.
His property investment scheme was based on short-term bridging loans, under a number of company names. Some of these companies were alleged to be located in Hong Kong, New Zealand, and Singapore.
Steve Paskin, Senior Detective Seargeant, said Mr Gray would tell his victims that property developers would pay a high rate for short-term loans, usually around 3 months, to bridge the gap until banks funded the development projects. But he said it was all fictitious.
“These investments did not exist, and the funds invested were diverted and used for the personal use of the alleged offenders.”
He said Mr Gray had legal and financial planning experience, but did not hold any valid qualifications during the period in which the offenses occurred.
He is alleged to have told investors he was a solicitor and a registered financial advisor, but that his Queensland Law Society certificate had lapsed.
A 72-year-old woman, alleged to be an accomplice, was arrested at a residence on Dornoch Terrce in Highgate Hill on 31 January.
She has been charged with 9 counts of fraud. Her initial appearance before the court was on 25 February.
Of the 21 known victims, several reportedly lost over $1 million each, and the combined loss to investors is estimated to be about $11.9 million. No money has been recovered.
Those just the people who came forward. They are from NSW, QLD, VIC, the US, the UK, and other parts of Europe.
Detective Sergeant Paskin said he would sometimes fake evidence of a return on the investment.
“Each of the victims were either known to the offenders, or referred to the offenders by persons who knew them.
“Initially, they would see some return on their investment ... generally that was through a fraudulent statement.”
He said Mr Paskin fled Australia in 2017 to flee creditors.
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