Spurious spruiking: Property Club promoting returns of up to 555 per cent on just a $10 monthly outlay
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.
The 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.
Mr Young, who has built a personal property portfolio worth $125 million, denies any wrongdoing.