Ponzi scheme bust: Brisbane man allegedly scammed $700k from dozens

Police will allege Brisbane man, Lorenzo Suarez, committed a series of fraud offences against at least 30 people across the country, and the world over a two-year period.

A Brisbane man has been charged over an alleged fake investment scheme with police alleging he scammed $700,000 from dozens of people.

Police allege Lorenzo Suarez, 54, committed a series of fraud offences against at least 30 people across the country, and the world, between 2022 and last year.

It will be alleged Suarez used a Ponzi scheme with marketed investments in foreign currency and cryptocurrency.

Police will allege the victims collectively gave Suarez almost $700,000, but the money was never invested on their behalf.

Police during the arrest of Lorenzo Suarez on Wednesday July 23. Pic: QPS

Suarez was arrested at a Boston Rd home in Belmont on Wednesday.

He has been charged with 19 counts of fraud and faced Brisbane Magistrates Court on Friday.

Financial Crime Squad Detective Inspector Kerry Lofdahl encouraged people to ensure they only use licensed financial planners to help avoid becoming a victim of fraudulent behaviour.

“People work their entire lives to provide for their loved ones, but there will always be individuals like this who will consistently prey upon the public’s desire to improve their financial standing,” Inspector Lofdahl said.

Suarez was granted bail at court on Friday morning and will face court at a later date.