Queensland man accused of duping clients out of $5.2 million
nine.com.au staff
A Brisbane man has been accused of gambling away $5.2 million in superannuation funds from 40 mum and dad investors.
Police have charged a 47-year-old Shailer Park man over setting up a fraudulent self-managed superannuation fund.
He has been charged with 49 counts of fraud.
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Police allege the man tricked clients into investing in a fraudulent self-managed superannuation fund over a period of time, amassing a total of $5.23 million, only to lose it all through gambling.
He will appear in Cleveland Magistrates Court on Tuesday.
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