A South Australian monetary advisor accused of defrauding the house owners of self-managed superannuation funds requested his mom to “shush” witnesses from inside jail, a court docket has heard.
- Prosecutors advised the court docket Christopher Lloyd George operated “a Ponzi scheme”
- He allegedly failed to speculate his victims’ funds regardless of promising to take action
- Authorities recorded a phone dialog between Mr George and his mom from the remand centre
Christopher Lloyd George, 33, has been charged with 69 fraud-related offences and utilized for bail within the Adelaide Magistrates Courtroom on Wednesday.
Opposing bail, prosecutors advised the court docket that the accused was a flight threat, nonetheless had entry to vital funds and will reoffend if launched.
He mentioned Mr George had been reported for tried to dissuade a witness in judicial proceedings.
Justice of the Peace Greg Fisher was advised that authorities recorded a dialog between Mr George, who was within the Adelaide Remand Centre, and his mom.
The prosecutor mentioned Mr George mentioned to her, “Inform them to love, to love, shush or no matter” earlier than his mom reminded him that he was on the cellphone.
The court docket was advised that Mr George allegedly deceived one sufferer into believing he might recoup funds misplaced in a earlier funding.
“He acquired a profit of roughly $81,000 into his private Westpac account,” the prosecutor mentioned.
“These victims had been promised a really excessive return on funding of these funds.”
The court docket was advised a second sufferer handed three instalments — valued at $20,000, $17,400 and $9,200 — over to Mr George.
“Financial institution orders present that cash was by no means invested however used for [Mr George’s] personal private day-to-day wants or saved in his personal checking account,” the prosecutor mentioned.
“There have been no schemes invested in — no shares, or property, or something like that.”
Prosecutors allege Mr George operated a ‘Ponzi scheme’
The court docket was advised some cash was returned to victims on a “drip-by-drip foundation”, which was characterised as a return on funding “when it was really only a Ponzi scheme”.
However Justice of the Peace Fisher mentioned he wanted extra clarification in regards to the allegations.
Counsel for Mr George advised the court docket that the case, in a “nutshell”, was that the alleged victims invested cash into an abroad organisation.
“The allegation is that the accused has wished to behave on their behalf and mentioned, ‘I’ll assist you get the cash again. However first, it’s a must to pay me this, this and this’,” he mentioned.
Justice of the Peace Fisher adjourned the bail utility till Friday so prosecutors might present additional details about the allegations.