The Currency Kid: living at home and accused of losing $6m on markets
August 4, 2010 - 2:33PM
A 25-year-old currency trader who lives with his parents on Sydney's north shore has been charged with fraud after allegedly losing $5.9 million worth of his clients' savings.
Police will allege the Seaforth man told them he was making them significant amounts of money over a five-year period, while he actually lost the lot.
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And not all the man's clients know they've been duped, police say.
The 25-year-old turned himself into police yesterday and was charged with 52 counts of obtaining money by deception, and six counts of dishonestly obtaining a financial advantage.
He will appear in North Sydney Local Court on August 31.
Police allege the man traded alone, unlicensed and unregistered, out of his parents home in Seaforth, an affluent suburb overlooking Middle Harbour.
He allegedly started at the age of 20, in 2005, and convinced a total of 77 people to invest their savings with him between then and May this year.
He put it into the foreign exchange market and told his clients he was making huge gains, but in reality he was using new clients' cash to top up his losses, police will allege.
The man allegedly amassed - and blew - a total of $5.9 million.
He eventually retrieved and returned $1.7 million to 19 of his clients but still owes the remaining 58 clients $4.2 million.
Harbourside police crime manager Inspector Greg Jewiss said not all of the man's victims know their savings are gone.
“Police believe the man was operating a home business from Seaforth, and his client base was predominately from the lower north shore and northern beaches," Inspector Jewiss said.
He warned people to check the credentials of anyone purporting to be a trader or investor before handing over any money.
"If it sounds like it's too good to be true, it probably is," Inspector Jewiss said.
"If you're thinking of investing with someone check if they're appropriately licenced and registered."
Anyone who believes they may have been involved in this matter should contact North Sydney police station on 9956-3199 or Crime Stoppers on 1800 333 000.
August 4, 2010 - 2:33PM
A 25-year-old currency trader who lives with his parents on Sydney's north shore has been charged with fraud after allegedly losing $5.9 million worth of his clients' savings.
Police will allege the Seaforth man told them he was making them significant amounts of money over a five-year period, while he actually lost the lot.
Do you know more? Text 0424 SMS SMH (+61 424 767 764), email us at [email protected] or direct message on Twitter @smh_news
And not all the man's clients know they've been duped, police say.
The 25-year-old turned himself into police yesterday and was charged with 52 counts of obtaining money by deception, and six counts of dishonestly obtaining a financial advantage.
He will appear in North Sydney Local Court on August 31.
Police allege the man traded alone, unlicensed and unregistered, out of his parents home in Seaforth, an affluent suburb overlooking Middle Harbour.
He allegedly started at the age of 20, in 2005, and convinced a total of 77 people to invest their savings with him between then and May this year.
He put it into the foreign exchange market and told his clients he was making huge gains, but in reality he was using new clients' cash to top up his losses, police will allege.
The man allegedly amassed - and blew - a total of $5.9 million.
He eventually retrieved and returned $1.7 million to 19 of his clients but still owes the remaining 58 clients $4.2 million.
Harbourside police crime manager Inspector Greg Jewiss said not all of the man's victims know their savings are gone.
“Police believe the man was operating a home business from Seaforth, and his client base was predominately from the lower north shore and northern beaches," Inspector Jewiss said.
He warned people to check the credentials of anyone purporting to be a trader or investor before handing over any money.
"If it sounds like it's too good to be true, it probably is," Inspector Jewiss said.
"If you're thinking of investing with someone check if they're appropriately licenced and registered."
Anyone who believes they may have been involved in this matter should contact North Sydney police station on 9956-3199 or Crime Stoppers on 1800 333 000.
Catching a falling knife, no, I'm just trading the Gartley!
I hate to say this, but I partially agree with the king of all scams when he said of his "victims," "F' them, they deserved it."