Adam Lord: Cocaine spiral behind man’s $237k Gold Coast fraud scheme

A man took just months to rip off more than $237,000 from his victims, who say the brazen scheme has caused years of financial and emotional devastation.

Adam Gordon Lord. Picture: file

The man behind a Gold Coast fraud scheme that cost victims more than $237,000 and destroyed parts of their lives was driven by a serious cocaine addiction, a court has been told.

Adam Gordon Lord’s lucrative scheme ran from August, 2017 to February the following year, during which Lord claimed he would invest and manage his clients’ money in the foreign exchange market.

Southport District Court was told that of the combined $254,000 laid out by Lord’s seven victims, he took $237,735 for himself.

Crown prosecutor Caitlin Usher said Lord either never deposited victims’ money into their trading accounts as promised, or would transfer it only to later put it into his own account.

Ms Usher said the 28-year-old offered the “investment opportunity” to people he already knew, including several he met while completing training in the industry and later worked with.

Adam Gordon Lord.

It was heard Lord told victims their investments were successful and on several occasions accepted more money from them.

Ms Usher said his scheme came to light when several customers asked to withdraw money.

The court was told Lord never returned any of the investments despite several assurances he would, and even lied about having cancer when quizzed on the delay.

Parts of several victim impact statements from Lord’s targets were read aloud to the court, speaking to the financial and emotional devastation many had suffered as a result.

“The once vibrant, confident person I was has been replaced by someone plagued by insecurity and a profound sense of loss, which is a feeling I am unable to articulate,” one said.

Others revealed their lost investments left them in a “financial hole” that forced them to sacrifice time with family to rebuild or repay others they mistakenly invited into the scheme.

Defence barrister Isabelle MacNicol said Lord was abusing cocaine and alcohol while running the scheme, estimating he spent about $60,000 on the drug alone in six months.

Ms MacNicol said Lord had now ceased all substance abuse and would return to work following his release from jail, but would need up to four years to fully repay his victims.

Lord pleaded guilty to one count of fraud to the value of at least $100,000.

He was sentenced to five years’ jail, suspended after serving 12 months.

Lord will face another nine months behind bars if he fails to pay full restitution within four years.