Perth Accountant Charged Over Embezzling Almost 19 Million From 47 Different Victims
No application for bail made.
Perth Accountant, 71-year-old Joseph Papalia remains behind bars after facing court over allegations he embezzled almost $19 million from 47 different victims.
Investigations into the wrongdoing began in June after several people reported concerns over their investments.
The Financial Crimes Squad alleged Jospeh Papalia abused his clients’ trust, offering investments into non-existent projects over a long period of time.
According to police, Papalia used peoples money to fund his own business ventures that would, in turn, give the false impression there were legitimate returns on invested money.
All up Papalia scammed $18,935,958.89 off 47 clients with transactions ranging between $5000 to $3.95 million.
Papalia was assessed by a mental health nurse before making a brief appearance in court on Friday.
He made no application for bail and was remanded in custody, due to appear in court via video link next month.
Detective Senior Sergeant Ken Foster said the investigation was ongoing and "very complex", involving a large amount of historical financial transactions.
Papalia faces 47 charges of stealing by direction with each charge relating to an individual.
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