Gold Coast cold call scam syndicate smashed

2000 victims fleeced out of $30m

14 June 2017

Article heading image for Gold Coast cold call scam syndicate smashed

Five people have been charged after police smashed a muilti million dollar cold call investment fraud syndicated based primarily on the Gold Coast.

The breakthrough is the result of a two-year operation by the State Crime Command, the Financial and Cyber Crimes Group, Australian Taxation Office and Crime and Corruption Commission.

That investigation led to Gold Coast and Brisbane properties being raided on Wednesday morning.

It is alleged the syndicate fleeced around 2000 victims out of $30 million dollars.

Victims were subjected to high-pressure sales tactics with the promise of high returns on investments through company names including ESL, Eurosoft, OWS, OW Sydney, One Wealth, GTA, GlobalTech, GTA Australia, GT Australia, GT Alliance, TRP, TRP Solutions, Thorne Roberts Price and Thomson Rowe Partners.

Acting Detective Superintendent Peter Brewer from the Financial and Cyber Crimes Group said it was important to remember companies can't call you out of the blue with offers like these.

"People need to be aware that cold calling in relation to financial products of any description is illegal," he said.

"If you find yourself being cold called or being pressured to financially commit this should ring alarm bells and we highly recommend hanging up and having no further contact with those involved.

"Even if a person holds an Australian Financial Services Licence, we recommend seeking independent financial advice before committing to anything,” he said.

Listen Live!