Australian Investment Scam Man Detained

24 January 2007
Kuala Lumpur

Police have arrested a financial adviser who was involved in a RM2.7 million investment scam in Australia 10 years ago. He has been eluding the police in the Asian region for the past 5 years until he was detected to be operating another investment scheme in Labuan.

The man had been held at the Sungai Buloh prison awaiting extradition to Australia.

Australian Securities and Investments Commission revealed that the man and his partner, Ian William Snook, were committed to stand trial in Adelaide on more than 70 cases of offering dubious investments, inducement to invest in securities and publishing false portfolio statements.

Snook was convicted in October 2003 and sentenced to two years’ jail but released later on a A$1,000 two-year good behaviour bond.

New Straits Times – Held: Man wanted in Australia for scam

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