An SMSF investment manager man accused of defrauding more than A$170,000 from owners of self-managed superannuation accounts has been arrested and charged with 69 counts of deceptions.
Christopher Lloyd George, a 33-year-old from Adelaide Hills was arrested following a cybercrime investigation.
The Adelaide Magistrates Court heard George was acting as senior financial adviser for the victims' self-managed superannuation funds when he allegedly defrauded five people. The court heard one victim who lives in New South Wales invested A$455,000 in what he believed was a legitimate investment fund overseas which failed.
Police Cybercrime Investigators urge those people wishing to invest their superannuation in investment schemes at overseas locations or 'tax havens' to be extremely vigilant"
He initially delivered strong returns but the victim could not access them. As a result they lost their funds, the police said. George then allegedly deceived the victim into believing he could recover the lost funds if he invested a further A$81,000.
"Police Cybercrime Investigators urge those people wishing to invest their superannuation in investment schemes at overseas locations or 'tax havens' to be extremely vigilant," the police said in a statement.
Another man in Victoria allegedly paid George a further A$94,000 believing he too could recoup his losses.
The investment manager has been denied bail after the court heard George had previously been apprehended at an airport leaving the country with false identification and without a return ticket.