Fraudster Anthony Keith Silver jailed for eight-and-a-half years, still believes scheme will work

A delusional fraudster jailed for scamming nearly $2 million from the likes of pensioners, has vowed to get his victims’ money back upon his release.

Anthony Keith Silver was sentenced Silver to eight-and-a-half years behind bars. Picture: NCA Newswire / Dan Peled

A delusional fraudster jailed for scamming nearly $2 million from the likes of pensioners, has vowed to get his victims’ money back upon his release.

The former Gold Coast investment scheme promoter recruited victims through cold calling and word of mouth, telling them their money would be used to build properties in Tasmania, which would reap returns of 15-20 per cent per annum.

The highly-experienced defence barrister representing 74-year-old Anthony Keith Silver described his case as “bizarre” because in the fraudster’s deluded mind he genuinely believed he would make his victims money and still believes in his scheme.

Anthony “Tony” Silver and his son Bradley Silver were behind the scheme companies Capital Growth International Club and All About Property Development.

In 2019, 30-year-old Bradley was sentenced to eight years’ jail, but will be released on parole after two-and-a-half. He co-operated with the prosecution against his father.

He pleaded guilty to seven aggravated fraud charges and six counts of dishonestly using his company director’s position with intent to gain. His offending totalled more than $4.7 million.

On Friday, Anthony Silver pleaded guilty in Brisbane District Court to one count of fraud.

Prosecutor Jessica Goldie said that between April 2009 and June 2010, five victims invested a combined $1.815 million in the Silvers’ schemes. They lost it all.

Ms Goldie said the Silvers bought, developed, and sold Tasmanian properties and registered them in their names or the names of family members, but not their scheme companies. The proceeds from these sales were then deposited into the Silvers’ personal bank accounts.

The first victim was a woman who worked as a cleaner. She was told she would receive a special interest rate on her investment, which totalled $375,000.

Ultimately, Anthony and Bradley Silver used her money to cover interest payments to other investors in the scheme, make cash withdrawals, pay their employees, and Anthony Silver transferred $311,500 into one of his accounts.

Other victims were an elderly mother and her son. The woman invested $800,000 and her son $160,000. Their funds were mostly used to make interest repayments to other investors, cover employee wages, and $320,000 went into Bradley Silver’s account.

The final two victims invested a combined $480,000 after being contacted by a telemarketer. They were told their money would be held in a secure investment account and not touched.

Ultimately, their money was used for interest repayments to other investors, employee wages, cash withdrawals, $57,000 went to Anthony’s Silver’s other businesses, and Silver also transferred various smaller amounts into his other accounts.

Defence barrister Russell Pearce described Silver as “elderly” and “not in good health”. He said his client previously suffered a heart attack, and needs a knee reconstruction soon.

“There is no hidden pot of gold here, or hidden spoils, this man is destitute. His (legal) representation at the moment is being funded by extended family. He lost his life savings in this scheme as well,” he said.

Mr Pearce said Silver had been diagnosed with a delusional disorder.

“This was not one of those classic Ponzi schemes … he believed there was a genuine investment opportunity to develop residential dwellings on land north of Hobart,” he said.

“It has been a bizarre matter from our point of view because this man is either inherently stupid, totally corrupt, or as we thought there is something wrong with him – he is delusional.”

In sentencing, Judge Vicki Loury said she took into consideration that Silver had been diagnosed with a delusional disorder and still held a longstanding belief that he will get millions of dollars from overseas and his scheme will work.

Judge Loury noted that in his letter to the court, Silver expressed his desire for his victims to get their money back.

“No doubt your delusions have some impact on that,” she said.

Judge Loury sentenced Silver to eight-and-a-half years behind bars, but ordered that he be eligible for parole after two-and-a-half years. He has spent almost eight months in pre-sentence custody.