Former Gold Coast property developer Anthony Keith Silver has been sentenced to eight years and six months in prison for defrauding a group of mostly elderly investors out of $2 million between 2008 and 2010.
Companies controlled by Mr Silver targeted older Australian investors with cold-calls to raise money for a supposed real estate project in Tasmania. Some were convinced to borrow money against their homes to make investments.
Investors were told their money would pooled and invested in bank term deposits. They were also told they would receive annual returns on their investments of between 15 and 20 per cent.
But the properties were never built and the money never came. When Mr Silver’s companies were put into liquidation in 2011, investors were still owed around $9 million.
Sentencing Judge Deborah Richards called his actions “callous” and said the scheme involved “calculated dishonesty”.
Have you ever fallen victim to a scam?
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