Accused scammer 'gambles away $5.2m'

A Queensland man has been accused of gambling away more than $5 million of retirement funds fleeced from mum and dad investors.

Mark Steven Grevsmuhl, 47, faced a Brisbane magistrates court on Tuesday charged with 49 counts of fraud.

Police allege the Logan man amassed $5.23 million after duping 40 clients into investing in a fraudulent self-managed superannuation fund.

He then allegedly lost it all on gambling.

Grevsmuhl has been remanded in custody and will reappear in the Cleveland Magistrates Court on January 15.