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If you can't beat 'em, join 'em

Shocking story from the Gold Coast, long known as the scam capital of Australia, where a former senior detective seemingly gave up trying to bust these scammers and got in on it himself!

Ex-cop Mick Featherstone pulled puppet directors’ strings in boiler-room scam, say police

A FORMER high-ranking Gold Coast detective allegedly masterminded a multi-million-dollar boiler-room scam, duping hundreds of people with the help of his wife and son.

Police allege Mick Featherstone and his wife, Zoei Keong, were key players in the scheme which involved manipulating vulnerable people – including a man with a brain injury – to become “puppet directors” of 12 scam companies.

Investors were cold-called and asked to pay between $500 and $1000 for a four-day trial of betting and investment software. After seeing fake profits, they then signed 12-month contracts, police allege.

But the companies linked to the investments would disappear before the year was up, it is alleged, and about 600 people lost a total of between $15 million and $20 million.

Featherstone is a former Surfers Paradise criminal investigation branch boss and fraud squad member who is said to have built connections at the highest levels of the Queensland Police Service.


Read the remainder of the article here

Sadly, this type of scam has been going on for years. It could be any industry they target, but the betting industry is the one which takes a hit because of pricks like this. Finally it appears that Queensland police are doing something about it as a few recent successes have hit the press after years of silence.

Major scam operation busted as police raid Gold Coast mansion, offices

Boiler room scam victims unlikely to get money back, police warn

'The biggest mistake in my life': how Gold Coast boiler room scams duped investors

Boiler room raids net four Irish Boys 'key operators' on Gold Coast

Gold Coast police raid boiler rooms linked to betting, investment scams

Fraud and cyber crime police target cold-call investment scams on Gold Coast

Comments

  1. I got cold called by a company (ATM Investments) that was based in the Gold Coast and they were slick. The email and attached PDF file was very good and when you went to the website, the results were impressive and all rolled up in a slick spreadsheet. From the lady who did the original call to the gentleman who was supposed to be the manager who rang to offer me a special deal as I seemed like an "informed & sophisticated investor" never a gambler or punter, always used an investor.

    If not for the fact I have been my banking career of 30 years, I could have fallen for this very easy so I understand why people do. The police can only do so much but they cant stop greed/stupidity. I guess there just has to be continued education

    ReplyDelete

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