David Norman Bloomfield pleaded guilty to two counts of fraud

A Sunshine Coast man who told his victims he’d given them amazing returns on their investment instead spent the money funding his lavish lifestyle. Read what he splurged on.

A Sunshine Coast man has been jailed after he defrauded $245,000 and spent it on his own “lavish lifestyle”, a court has heard.

David Norman Bloomfield, 49, pleaded guilty in Maroochydore District Court on July 11, 2022, to two counts of fraud.

Crown Prosecutor Alex Stark said Bloomfield had lured the two victims into false pretences claiming he was an investor and could give them incredible returns on their investment.

The two victims, who had known Bloomfield after working with him previously in the dredging industry, had given him $125,250 and $119,850 respectively.

Mr Stark said the $245,100 Bloomfield had received from the two men between August, 2016 and February, 2018 was spent on “his lifestyle and living expenses”.

The court heard Bloomfield used the money on other things like hotel accommodation, Qantas tickets, go karting, clothing, utility bills, limousine transfers, and even a $35,000 deposit for a $1.5 million home.

One of the victims even gave Bloomfield $20,370 after he’d asked for the money to pay for the deposit of his 90ft yacht, which there was no evidence he ever did.

A Sunshine Coast man has pleaded guilty to fraud in Maroochydore District Court. Picture: Patrick Woods.

Mr Stark said despite Bloomfield telling his victims he was a “successful investor” who “could achieve results for them”, he was uncontactable at times.

The court heard Bloomfield would then give multiple excuses explaining his absence ranging from his printer not working to his wife being in hospital.

Court documents state Bloomfield would send his victims “forged IG Market statements” showing they’d had “increased investment and projections” on the money they’d given him.

Bloomfield, who served in the Royal Australian Navy as a marine technician, gave a tearful apology to his victims on Monday.

Bloomfield said he had been confident he could have turned their money into a higher investment but things had “unravelled” when he was unable to contact his business partners.

“There was a period in time where I was trading successfully but I couldn’t find them,” he said.

“I’m gutted that I betrayed their trust, something that will never be regained.”

Bloomfield was given a five-year sentence, which will be suspended for five years after serving 20 months in jail.