’Cowboys’ in boat brokerage industry need more oversight

INDUSTRY insiders have called for more oversight in the boat brokerage business in the wake of police raids and an arrest involving a Gold Coast boat company.

INDUSTRY insiders are calling for more oversight in the boat brokerage business in the wake of police raids and an arrest involving Platinum Boat Sales.

Andrew Kenneth Eustice, 58, was arrested and charged on Friday with fraud, following an investigation into alleged dodgy dealings at the Mariner’s Cove business.

He was charged with dishonesty to obtain from another, following lengthy questioning by detectives who swooped on the million-dollar riverfront property he rents at Surfers Paradise.

Eustice and Platinum Boat Sales are still being investigated by police.

Police will allege Eustice, as salesman for Platinum Boat Sales, took multiple deposits for boats and, unknown to the owner, sold the vessels.

BOAT SALESMAN ANDREW EUSTICE CHARGED WITH FRAUD

Andrew Eustice being taken away by detectives from his Buccaneer CRT home.

Regional Crime Co-ordinator Kerry Johnson told the Bulletin on Friday police were investigating a number of complaints.

“Following a complaint made a week ago, a man has been located and taken into custody, and charged with his alleged fraudulent involvement in the sale of that boat,” Supt Johnson said.

An industry insider, who asked to remain anonymous, said yesterday it was “cowboys” who gave them all a bad name, and called on the Government and the industry to take a hard line to protect consumers.

“Every other industry has a set of government prescribed paperwork to protect the purchaser and the seller. This industry has none,” the insider said.

“The vast majority of transactions are done on napkins and handshakes, with zero paperwork being done and the governments of every state have zero oversight.

“It appears the Government and the industry haven’t acted because they don’t hear about the problems, because people are embarrassed or have had their soul ripped out of them and their money gone and no one does anything.

“If there was oversight, this couldn’t have happened. At the moment there is nowhere these people could complain, other than the police.”

ANDREW EUSTICE BANKRUPT TWICE AMIDST NEW ALLEGED FRAUD CLAIMS

Exterior Picture of Platinum Boat Sales at Main Beach. Picture Mike Batterham

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Domenic Genua, who is Boating Industry Association general manager marketing, communication and events, said there were no requirements for a broker to open a business.

“However we do encourage brokers to consider our code of conduct. Memberships are approved with brokers having to pledge their willingness to abide by that code,” he said.

Platinum Boat Sales was not a member of the BIA, which was unaware of the charges levelled at Eustice.

“If we have any complaints about any business that is not a member of our association, we refer them to the relevant authority in that state,” Mr Genua said.

“The operation of a brokerage falls under Queensland state regulation. The relevant business regulator would be the Office of Fair Trading.

“BIA member brokers are required to comply (as all members are) with the BIA code of conduct and ethics. Members found to have breached such would be subject to sanctions as determined by the BIA board, acting in accordance with the BIA constitution.”

Platinum Boat Sales started in September 2017. It set up as brokers for luxury yachts, taking on boats to sell on behalf of clients for an agreed figure.