Former Gold Coast developer and director Bradley Keith Silver sentenced to eight years for fraud

A former Gold Coast property developer, strip club operator and company director has been sentenced to eight years jail for dishonesty offences that reaped $4.7million.

Bradley Silver was sentenced to eight and a half years.

A FORMER Gold Coast property developer and company director has been sentenced to eight years jail for dishonest offences that reaped $4.7million.

Bradley Keith Silver, 30, faces a non-parole period of two and a half years.

Delivering the sentence in Brisbane District Court, Judge Deborah Richards said Silver had run a sophisticated scheme involving “calculated dishonesty” describing the ripple effect of his actions as “enormous” and condemning his use of “callous manipulation and deception”.

Bradley Keith Silver.

The Commonwealth Department of Public Prosecutions case followed an ASIC investigation, which culminated in July 2017 when he was nabbed at Brisbane Airport after flying in from Hobart, where he’d been living and operating a strip club.

Silver pleaded guilty in March to seven counts of fraud to the value of $2.763 million and six counts of dishonestly using his position as a director in the amount of $2.01 million.

ASIC Commissioner Sean Hughes said Silver “deliberately targeted the elderly, promised investors up to 20 per cent returns and convinced investors to borrow against their homes, which in many cases, was their only financial asset”.

“ASIC will continue to pursue such deliberate and harmful conduct,” he said.

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ASIC’s investigation found Silver dishonestly induced Westpac Banking Corporation to deliver property in the amount of $2.763 million to Westpac customers for investing in two scheme companies: Capital Growth International Club Pty Ltd and All About Property Pty Ltd, between July 2008 and July 2010.

ASIC further revealed that between April 2009 and May 2010, Silver, while a director of CGIC and associated with AAPD, dishonestly used his position with the intention of causing a detriment in the amount of $2.015 million.

In February 2011, the companies were placed into liquidation owing investors approximately $9 million.

Many of the investors were pensioners and were approached by telemarketing or word of mouth. Investors were convinced to borrow against their homes and were told that their money would be used to develop property in Tasmania.

Instead, the money paid by investors was used to pay back interest owed to other investors, payments to employees, cash withdrawals and transfers to personal bank accounts.