Queenslanders warned about investment scamsters

Residents of north Queensland have been warned they need to be more vigilant against investment scamsters, following a spate of incidents involving millions of dollars of investor’s funds.

Australian Securities and Investments Commission (ASIC) commissioner Professor Berna Collier said in Cairns yesterday the corporate watchdog had detected a spike in the number of illegal schemes being operated in north Queensland.

In the past financial year alone, ASIC has taken court action against 19 illegal investment schemes involving 960 investors and $74.5 million.

“We are seeing a sudden jump in the number of investors in north Queensland potentially losing millions after investing in illegal schemes,” Collier said.

“Queensland investors are often targeted by promoters of illegal investment schemes.”

Collier said accountants in north Queensland where often responsible for the illegal schemes.

Recent cases in north Queensland include that of accountant Elizabeth Parry, who was jailed for 10 years this week after her business, Parry and More Accountants, was found to be running an illegal scheme that managed to take $6 million from investors before it was wound up by ASIC.

In another case, north Queensland accountant Piet Walters is facing 13 fraud charged in relation to an illegal scheme which attracted 118 investors and $8 million.

“Some accountants in north Queensland have been letting their profession down by operating illegal schemes, and I remind accountants, financial advisers and the people of North Queensland to report illegal schemes to ASIC,” Collier said.

“Accountants are generally not in a position, or licensed, to give investment advice.”