Daniel Farook Ali ripped off about $13 million from investors and spent the money on properties, cars and shopping sprees

BMWs, Louis Vuitton gear, properties and jewellery are just some of the luxury items self-proclaimed day trader and conman Daniel Farook Ali spent his victims’ money on.

Daniel Farook Ali bought four BMWs with money he ripped off investors.

A GOLD Coast conman who is accused of ripping off about $13 million from more than 200 investors spent the money on properties, flash cars and shopping sprees at Gucci and Louis Vuitton stores.

Appalling claims about the exploits of self-proclaimed day trader Daniel Farook Ali emerged this week after the corporate watchdog released an affidavit
by the liquidator of three of his companies.

ASIC, headed by top gun Peter Kell revealed that there was no money left to repay burned investors who unfortunately got caught by the 48-year-old from Fiji and his now-defunct DanFX Trade Pty Ltd.

Peter Kell, of ASIC.

Liquidator Tony Castley found that Ali used investor funds to splash out $625,123 for a vacant block at the upmarket Brookwater estate at Springfield in late 2016.

He had also put a deposit on a waterfront mansion at Mermaid Waters, which sold at auction last month for $2.85 million.

Another $425,000 was used as a deposit to buy a 2ha farm property in NSW for $4.25 million.

Ali, who worked from his spiffy offices in the 50 Cavill Avenue tower at Surfers Paradise, had four 2015 BMW cars and spent more than $457,000 on their purchase and maintenance.

Records show he also forked out nearly $19,000 for Facet 58 jewellery, $6749 for a Rolex watch and more than $72,000 on goods from Louis Vuitton, Gucci, David Jones and Apple.

ASIC froze Ali’s personal and company assets in November after finding that he operated an unregistered managed investment scheme.

The regulator also permanently banned Ali from providing financial services or engaging in credit activity after it emerged that the Queensland Director of Public Prosecutions had levelled fraud charges against him in 2012. In a hint of what was to come, the charges related to Ali’s use of $30,000 raised from eight investors between June 2008 to February
2010 to pay for his own personal expenses.

Ali ended up serving just six months of a 2½-year term behind bars before he emerged to shaft investors all over again.

ASIC said its investigations into the current debacle are continuing and Ali will be back in court for a two-day hearing in late July over additional matters relating to his “personal capacity’’.

Ali could not be reached for comment yesterday.

CROWDFUNDING

WHY does it seem entirely fitting that a bunch of entrepreneurs might crowdfund the purchase of Steve Baxter’s River City Labs?

Queensland Chief Entrepreneur Steve Baxter.

With a small army of startup innovators and investors in Brisbane for the Myriad conference, backers of the novel idea launched Twitter account @webuyrcl this week to spread the word.

Baxter, the Queensland Chief Entrepreneur who also stars on Shark Tank, told City Beat yesterday that he that the crowd-funding idea “seems serious’’ so we’ll wait with bated breath.

He said there are at least 12 other offers on the table for his fast-growing incubator hub in Fortitude Valley, with expressions of interest set to close today.

Six years after launching the non-profit business, Baxter announced the sale last week to pursue other interests.

FEELING CHUFFED

THE gang at the Queensland Symphony Orchestra are feeling pretty chuffed with the latest addition to their board.

They have snared Simon Gallaher, widely considered one of the country’s most experienced producers and performers.

Simon Gallaher

The award-winning Brisbane native has had long career in
musical theatre, concerts and television, as well as being an accomplished singer, pianist and songwriter.

Chairman Chris Freeman said Gallaher would bring “serious gravitas’’ to the board.

“We particularly wanted someone with an extensive musical background and trained in the classics, someone who has done production and programming and understands live performing arts extensively,’’ Freeman told us yesterday.