About 300 people have fallen victim to an alleged cold-calling investment scam run out of the Gold Coast.
Victims were defrauded of a combined $3 million-plus in the alleged fraud, according to Queensland police.
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“Apart from the financial detriment suffered by victims, it was also identified there had been significant harm caused to victims, including loss of livelihoods and impacts on their personal health and relationships,” said detective inspector Kerry Lofdahl, from the financial crime unit.
Five people have been charged over what police described as a “share trading software” scheme. Details about how the scam worked have not been provided.
Victims were cold-called or contacted online by people purporting to work for investment firms called Starbrite Traders Pty Ltd, Digital Sky Systems, New Vision Products or NPL, according to police.
Police launched an investigation dubbed Operation Romeo Ecru in October 2019, before determining the alleged scammers had defrauded more than $3 million from about 300 people between 2018 and 2020.
“No reputable investment firm will cold-call you, or randomly contact you through online messaging platforms or social media to invest in their product,” said Lofdahl.
“If you cannot explain to another person exactly how your investment works, you should engage the services of a registered financial planner.”
Those arrested are a 60-year-old Upper Coomera woman, a 43-year-old Miami man, a 42-year-old Broadbeach Waters man, a 28-year-old Upper Coomera woman and a 43-year-old Paradise Point man.
They have each been charged with fraud and are due to appear in Southport Magistrates Court on various dates next month.
