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ASIC has charged four men, including a former barrister, with money laundering related to an investment scam that involved moving funds to cryptocurrency exchanges.
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Four men, including a former barrister, have been charged with laundering proceeds from a large-scale investment scam.
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Victim funds were allegedly transferred to offshore accounts or converted into cryptocurrency.
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In 2025, Scamwatch reported over 90,000 scam reports, with significant losses attributed to investment fraud.
ASIC has charged four individuals in a crypto investment scam, highlighting the ongoing issue of financial fraud in Australia.
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What are the Charges Against the Four Men?
The Australian Securities and Investments Commission (ASIC) has charged Dimitrios (James) Podaridis, Peter Delis, Bassilios (Bill) Floropoulos, and Harry Tsalikidis with money laundering offenses. These charges stem from their involvement in moving funds gained from fraudulent investment offerings between January and July 2021.
How Did the Scam Operate?
The scam involved fake comparison websites and misleading Facebook ads to attract victims. Investors received high-quality fake prospectuses mimicking real financial services. Promised returns ranged from 4.5% to 9.5% over one to ten years, luring many into the trap.
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Frequently Asked Questions
What are the consequences of investment scams in Australia?
Investment scams have resulted in significant financial losses for Australians, with reports indicating losses of nearly $213 million in 2024 alone.
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How can individuals protect themselves from crypto scams?
To avoid falling victim to crypto scams, individuals should conduct thorough research, verify investment opportunities, and be cautious of offers promising high returns.
Key Takeaways
- ASIC’s Action: Four men charged for laundering scam proceeds.
- Investment Fraud: Continues to be a major issue, costing Australians millions.
- Prevention: Awareness and research are key to avoiding scams.
Conclusion
The recent charges by ASIC against four individuals underscore the ongoing battle against investment scams in Australia. With significant financial losses reported, it is crucial for investors to remain vigilant and informed to protect their savings.
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