The alleged cold-call scammer is accused of making almost $1 million, spending $750,000 on a luxury motor yacht

A 74-year-old alleged scammer from Queensland has been arrested on suspicion of making almost $1 million through a cold-call syndicate.

Detectives from State Crime Command in Brisbane arrested the Gold Coast man earlier today (25 July) for fraud, money laundering and perjury related offences, relating to his alleged involvement in a 2014/2015 Gold Coast ‘Cold Call Investment Fraud’ syndicate.

It is alleged the man obtained about $950,000 during the enterprise. He is accused of spending $750,ooo on a 70-foot luxury motor boat called Montage. The vessel was later sold.

The alleged scammer is also accused of spending the rest of the money on lavish lifestyle expenses, including a BMW convertible, which has since been seized by officers.

In a statement, Queensland Police said the investigation commenced in late 2015 and initially examined the links between a member of the Gold Coast ‘Finks’ outlaw motorcycle gang who was the Director of two telemarketing and sales companies, ‘Keystone Finance Pty Ltd’ and ‘Prestige Capital Australia Pty Ltd’.

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It is alleged that victims Australia-wide lost an estimated $3 million from the fraudulent enterprise. That person and five other people have previously been charged in connection with the investigation.

“This morning’s activities saw the execution of search warrants at a Clayfield residential address and also the office of a Gold Coast law firm. The defendant was taken into custody without incident,” said Detective Senior Sergeant Jason Gough from the Organised Crime Gangs Group

“We allege the victim’s money was fraudulently appropriated by the defendant including to fund the $750,000 purchase of the vessel,” he added.

The perjury charges relate to examinations held at the Crime and Corruption Commission during the investigation.

Police are objecting to the man’s bail and it is expected he will appear in the Brisbane Magistrates’ Court later today.