Spurious spruiking: Property Club promoting returns of up to 555 per cent on just a $10 monthly outlay

Posted on September 17, 2014 by | 0 Comments

FAIR Trading authorities and the corporate cops are probing “Australia’s No.1 wealth creator”, a real ­estate investment club through which 14,000 people across Australia have bought 17,000 properties.

Not happy ... Narinder and Parveen Atwal are sisters who have become victim to The ProperThe Queensland Office of Fair Trading’s investigation into Brisbane-based Property Club, founded by Kevin Young and previously known as The ­Investors Club or TIC, is understood to be covering ­allegations that club members have been misled by claims that:

● Recommended properties are the “cream of the crop”, when they are not;

● The club is a buyer’s agent, when a company of which Mr Young and his wife are the ­directors earns commissions when developers sell to club members.

Meanwhile, the Australian Securities and Investments Commission is looking into the operation of asuper fund related to the club.

Mr Young, who has built a personal property portfolio worth $125 million, denies any wrongdoing.

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