Investment manager Christopher Lloyd George refused bail over international superannuation scam
An Adelaide investment manager is behind bars after appearing in court over allegations he scammed tens of thousands of dollars from clients.
Police & Courts
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An investment manager defrauded tens of thousands of dollars from five victims who paid him to recoup losses from in an overseas superannuation scam, a court has heard.
Christopher Lloyd George, 33, of One Tree Hill, appeared in the Adelaide Magistrates Court on Thursday charged with 69 aggravated counts of deception.
George was arrested on Wednesday by Cybercrime Investigation Section detectives, who allege he was acting as his victims’ superannuation investment manager.
In opposing bail, police prosecutor Brevet Sergeant Katrina Peacock said the offending involved significant amounts of money.
Sgt Peacock said there were five victims and outlined details of two who both lived interstate.
The court heard a NSW victim made an initial investment of $455,000 to what he believed to be a legitimate fund managed by George, who purported to be a senior financial adviser.
“The investment failed and … (George) is alleged to have deceived the victim into believing he could recover the funds lost and, as such, received a benefit of $81,743,” Sgt Peacock said.
Sgt Peacock said another victim based in Victoria made an initial investment of $259,582.98 and that, after the investment failed, George deceived him into paying a further $94,000.
“The numbers from there actually go up from there so we’re talking about significant financial loss to victims,” she said.
Sgt Peacock said George was a flight risk having been previously caught trying to leave Australia with a one-way ticket and false identification. He was not fleeing.
She said George travelled extensively between Bali – where he had contacts who could help him avoid arrest – United Arab Emirates, Europe and Australia in the past few years.
Prosecutors asked for the case be adjourned for 14 months to allow for forensic accounting and handwriting analysis – a request denied by Magistrate John Fahey.
Edward Stratton-Smith, for George, said his client had no criminal history and described it as a “white-collar allegation rather than something that puts people in danger”.
Mr Fahey refused to grant bail, citing prosecutors’ concerns about the seriousness of the offending, George’s flight risk and the possibility of interfering with potential witnesses.
He remanded George in custody to face court again in August.