Michael Bosscher charged by AFP for alleged involvement in $4.5m money laundering syndicate

The moment a high-profile Brisbane lawyer is arrested before being charged for his alleged involvement in a $4.5m money laundering syndicate has been captured on camera, as two safes containing $70,000 were found hidden under some stairs.

High-profile lawyer Michael Bosscher has been charged by the Australian Federal Police for his alleged involvement in a $4.5m money laundering syndicate.

The Courier-Mail has confirmed Bosscher, 53, and Gold Coast businessman Richard Franks, 67, have been arrested following an investigation that began in February.

Footage of the arrest shows Bosscher dressed in black clothing with his hands cuffed in front of his body and being led down a street by two detectives and into an unmarked police car.

Michael Bosscher. (AAP Image/Claudia Baxter)

One detective was holding a brown paper evidence bag as Bosscher was loaded into the back seat of the car.

He was on Tuesday morning granted bail after an appearance at Brisbane Magistrates Court.

Police allege Franks used personal information from clients of his consultancy business to open fraudulent bank accounts, in some of their names and believed to be without their knowledge.

Investigators allege Bosscher supplied millions of dollars of funds – that they say are suspected proceeds of crime – to be deposited into the accounts to avoid detection by authorities.

Police allege the cash was laundered since February 2021.

Officers raided properties in Helensvale, Graceville, Bardon and Brisbane City as part of the investigation.

Footage of the arrest shows Bosscher dressed in black clothing with his hands cuffed in front of his body and being led down a street by two detectives.

Police seized $70,000 from two safes hidden under stairs and a cash counter at a Bardon home while $160,000 was seized from a safe at the home of a Helensvale man.

Mobile phones have also been seized for forensic examination.

Bosscher appeared in Brisbane Magistrates Court on Tuesday morning charged with conspiring to deal in the proceeds of general crime and at the time of dealing the value of the money or property was $1,000,000 or more, contrary to section 400.3 (1B) of the Criminal Code Act 1995 (Cth) and section 11.5 of the Criminal Code Act 1995 (Cth).

Acting Magistrate Rowan Silva granted Bosscher bail which was opposed by the crown.

As part of his bail he must report twice a week to police, live at his Graceville address, not contact his co-accused, prosecution witness or seven other people connected to the investigation, he must not use encrypted applications or devices and only have one phone.

He must not depart Queensland, go within 500m of any international departure points and he must surrender his passport and not apply for a new one.

Helensvale man Richard Franks is also facing charges.

Commonwealth prosecutor Christopher Moore said the allegations related to the movement of just under $4 million in about 35 instances of transactions over a 20-month period all the while Bosscher was on bail for separate aggravated fraud and falsification of record charges, the court heard.

“Police located a large sum of cash at an address associated with the defendant along with electronic devices which were seized and which will need to be examined,” he said.

“Investigations are ongoing in relation to the movement of the money and a forensic accountant has been engaged to assist with that process.”

Police seized $70,000 from two safes hidden under stairs and a cash counter at a Bardon home.

Police allege Bosscher met with his co-accused, Richard Franks, who then deposited large sums of money often in ways to avoid detection, such as below $10,000.

“And then the money ultimately returned to accounts associated with the defendant minus a sum of money which we say was the fee the co-accused collected for his involvement,” he said.

Franks appeared in Southport Magistrates Court by video link today where he was granted bail.

The 67-year-old, a grandfather of nine with no previous criminal history, is a dual citizen after arriving in Australia from the UK as a nine-year-old.

He runs a number of consultancy firms on the Gold Coast.

He often placed his head in his hands as his bail application was argued in the court.

Magistrate Dzenita Balic acknowledged Frank’s’ “long and strong relationship” with Bosscher but added conditions that they have no contact as the case proceeds through the courts.

She said it seemed that there was “at least a reasonably good case against him” but granted bail with the case to return to court on February 6.

Franks is charged on the same conspiring to deal in the proceeds of general crime offence and has also been charged with 29 counts of conducting transactions so as to avoid reporting requirements relating the threshold transactions contrary to section 141(1) of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth).

Bosscher was put into the back of an unmarked police car.

AFP Acting Commander Investigations Northern Command Adrian Telfer said the AFP was “committed to dismantling money laundering enterprises that enabled organised criminal activity”.

Commander Telfer said police would allege five people unknowingly had accounts set up in their names.

“We believe at this stage through our investigations that they were not aware that their information had been used,” he said in respect of the allegations.

Police have not yet told the people – so as to not compromise the investigation – but they would be alerted now as a priority, Commander Telfer said.

“These are just general members of the public who obviously approached this business (on the Gold Coast) with legitimate means and unfortunately their personal information has (allegedly) been used,” he said.

Commander Telfer said police would allege the accounts were set up to “move money, to launder it, with the absolute purpose of avoiding detection from authority”.

He confirmed the AFP launched the investigation after police “received information” and acted on it.

Some of the cash police found at the Bardon home.

He said he was unable to say at this stage where police would allege the $4.5m came from.

“We hope in the coming weeks and months that we’ll identify further where (police will allege) that money came from,” he said.

Commander Telfer said police would allege the two men arrested “derived a benefit” from the money laundering.

In applying for bail lawyer Ken Mackenzie said the allegations relied on speculation and there was no claim about the original source of the funds that are alleged to be proceeds of crime.

“There is no detail or understanding of the business relationship which may have existed between Mr Bosscher and the co-accused or between the various corporate entities which are listed in that document,” he said.

“On any view of it is the co-accused that has handled cash, it is the co-accused who has deposited cash into bank accounts and it is the co-accused it is said to have structured those deposits into, sometimes but not always, amounts of less than $10,000.”

Mr Moore addressed the lack of information about the source of funds, alleged to be proceeds of crime, saying under the new legislation that was used to charge Bosscher the crown did not have to point to a specific crime or a class of offences that the money came from.

Instead if it proceeded to trial a jury would be asked “ to consider all of the circumstances surrounding the money”.

Mr Moore said these included the alleged meetings between Bosscher and the co-accused, their occurrence in the early hours of the morning, the large sums of money being moved and their ultimate transfer back to Bosscher.

“There is a strong circumstantial case when one considers the factors that are outlined within the statement of facts,” he said.

“Further investigations are ongoing and may shed more light on the movement of the finest and potentially the source.”

Two safes were found at the property.

The court heard Bosscher’s separate fraud charge related to the allegation that money received from legal clients was not deposited into the firm’s accounts.

Mr Makenzie said as it related to his client there was alleged to be unexplained income of about $50,000 over a period of five years “which we hope in due course be able to explain”

He said his client had been in private practice for more than 25 years and was a family man with several children.

Acting Magistrate Rowan Silva said Bosscher had been on bail since November 2017 for the separate fraud charges and had faithfully complied with the conditions other than what was currently being alleged.

The court heard he had no criminal history.

Mr Silva said the allegations were “extremely serious” but decided to grant Bosscher bail with conditions.

The matter was adjourned to December 2. Bosscher’s separate fraud trial is scheduled for September next year.

Bosscher declined to comment as he was released from the Brisbane watchhouse except to say the charges will be “vigorously contested”.

Franks emerged from the watchhouse late Tuesday vowing to clear his name.

“Of course,” he said when asked if he intended to fight the charges.

He described his relationship with Bosscher as good friends before directing other questions to his lawyer.

“I would be happy to talk if you make an appointment with my lawyer,” he said.

On Monday, Franks posted a photo on Facebook onboard a plane with his wife saying they had enjoyed a weekend away without the kids.

Soon after he was arrested.

Speaking generally, Commander Telfer said the AFP would continue targeting money launderers.

“These arrests serve as another reminder that the AFP has put criminals on notice that we will relentlessly pursue anyone involved in alleged money laundering activities,” Commander Telfer said.

“Money laundering is the backbone of organised crime. Money is the sole reason of course organised crime exists and taking away their ill-gotten wealth is absolutely a priority for the Australian Federal Police.

“We will continue to target the structures that enable organised crime to hide their wealth and we absolutely can’t rule out further arrests as our investigators follow the money.”