Ponzi scheme alleged
A not guilty plea has been entered in relation to an alleged $6 million Ponzi scheme.
Charges have been filed by the Serious Fraud Office against Shane Richard Scott.
The SFO alleges Scott was operating a Ponzi scheme, using money obtained from new investors to pay returns to previous investors. The SFO alleges there was no direct evidence of any legitimate investments in this case.
The long-term investors became involved with Mr Scott on the understanding that their money was being invested in brokering deals in Thailand, as well as some additional miscellaneous investments, including diamond trade, South African trade deals, and an investment in a chicken farm in New Caledonia.
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