Police tracking down fleeced investors

Police are still trying to track down investors who joined up to an alleged conman’s investment scheme. 218 investors have so far been identified and have lost more than $8 million collectively to investment scheme promotor James Lovell, police allege.

ASIC yesterday successfully applied to wind up a number of Brisbane companies associated with Lovell. Police said some investors were “reacting very badly” to the news that Lovell had charged with fraud.

One investor is believed to have deposited $900,000 with Lovell who is believed to have told his clients their money was in superannuation and investment funds.

A police source said the investors cover “the full spectrum” in terms of age and income. “Some were at the beginning of their working lives, some at the end of their working lives, some of the people at the end of their working lives were blue-collar workers, fairly modest but with substantial savings.”

Source: Courier Mail

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