Man arrested over 13 year, multi-million dollar scam

A man allegedly involved in a long-running investment scam that left victims $3.5 million out of pocket has been arrested by police on the Gold Coast.

The 38-year-old Clear Island Waters man is facing five charges of fraud over his alleged management of companies that sold predictive betting software and other investment schemes.

Police allege victims were cold called and offered up to 5% returns per week.

The arrest followed multiple complaints from people across Australia reporting companies associated with the scams.

At least 63 victims have been identified, but many more are believed to have been affected.

Businesses associated with the scams, all of which were based on the Gold Coast, include:

  • Sports International Investment Corporation

  • Accord Professionals Group Pty Ltd

  • Voss Capital Management Pty Ltd

  • LayBet Professionals

  • Beyond Global Corporation

The betting software was based on the probability of horses losing a race in an effort to improve the chances of any return.

When people complained that the software didn't work, they were encouraged to put their money into another scheme to recover their losses.

Victims are unlikely to get any of the money lost to the scam returned.