Notorious conman James Kentwell Lovell chased by ATO for $728,000

The notorious conman who swindled mum-and-dad investors out of $11.5 million is being chased by the ATO for $728,000.

Convicted fraudster James Kentwell Lovell.

The notorious conman who swindled mum-and-dad investors out of $11.5 million and claims his parole conditions are hurting his finances and chances of finding a job is being chased by the Australian Taxation Office for $728,000.

Former Brisbane high-flyer James Kentwell Lovell, 39, was released from jail in 2015 after serving four years over his swindling of more than 200 investors out of $11.4 million in a Ponzi scheme.

The Australian this week revealed Lovell filed court action of his own in Brisbane’s Supreme Court, claiming decisions made by the parole board in June have since left him “unable to obtain employment and placed in a dire financial situation”.

A subsequent claim lodged in Brisbane’s District Court by the Deputy Commissioner of Taxation this month shows the tax office is seeking to recover $728,344 from Lovell.

The ATO claims the money was owed from 2002 to 2009 — the years Lovell operated his scam.

The sum includes about $500,000 in accumulated interest and administrative penalties.

In 2011, Lovell was sentenced to a 13-year jail term, which was later reduced to 11 years on appeal.

He pleaded guilty to three charges of fraud, two charges of forgery and two of uttering for offences committed between 2001 and 2009.

As director of Mirtna Holdings and Life Super, Lovell promised high returns and boasted of previous success to entice investors.

More than $8.8m went into Mirtna Holdings and $6.7m into Life Super.

Only $2.8 million was invested, and most of that was lost on high-risk stocks.

The money invested was also used to fund a lavish lifestyle, inner-city apartment and expensive cars.

One of Lovell’s victims included a friend’s widow, who he approached at a funeral and solicited a $100,000 investment which he promised would yield substantial returns.