QLD

Property Observer | 12 February 2014

Cancer patients and pensioners found to be victims of Gold Coast financial scam

The terminally ill and the elderly are the suffering victims of one of the latest financial scams on the Gold Coast, leaving one investor forced to rent after losing his $900,000 property portfolio, according to the Gold Coast Bulletin.

Now 17 months after Senator John Williams’ exposure of All About Property Developments Pty Ltd, who was behind the scheme, it seems the victims are still struggling to see any help, with many in a stand off.

The development company scheme, that saw investors obtaining loans from Westpac, has the bank suggesting it is a “fraud matter for police,” the Gold Coast Bulletin reported.

The liquidator appointed to All About Property Developments apparently later found that it had no assets and owned $2.5 million to creditors.

The Bulletin’s investigation, the latest of which can be read here, has found that investors – some as old as 100 and were given 30-year loans – have lost almost $13 million collectively.

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