A 59-year-old man will face court today after allegedly defrauding three people of more than $1.5 million in Coffs Harbour.
Police say that in January 2018, detectives from Coffs/Clarence Police District established Strike Force Reganza to investigate alleged fraudulent activity being conducted by a then 56-year-old man.
“Following extensive inquiries, strike force detectives attended a home in Mordue Street, Jesmond, about 12.25pm yesterday, where they arrested a 59-year-old man,” NSW Police said in a statement today.
He was taken to Waratah Police Station and charged with nine counts of dishonestly obtain financial advantage by deception.
Police will allege the man coerced three men to invest in fraudulent business ventures, totalling $1,589,000 between February 2013 and December 2015.
“Police will further allege all these funds were utilised for personal use.”
He was refused bail to appear at Newcastle Local Court today.
