Couple charged for alleged $1.5 million “Ponzi” property development fraud

Posted on November 11, 2014 by | 0 Comments
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An article by JENNIFER DUKE

Carrum Downs couple Maureen Gael Johnson, 58, and Douglas Gordon Johnston, 71, have been charged with more than 70 offences relating to an alleged $1.5 million property development fraud, following an investigation by the Australian Securities and Investments Commission (ASIC).Couple charged for alleged $1.5 million

ASIC investigated two companies: Investman Nominees (USA) Pty Ltd and Small Business Management Pty Ltd, of which Maureen Johnston was a former director and current director respectively. Douglas Johnston was the former accountant and current shareholder of Small Business Management.

The Victorian duo is accused of misleading people into investing $1.5 million into a number of property developments across Australia and the United States. Allegedly, the money raised was not used to develop properties, but for the couple’s own personal benefit, resembling a ‘Ponzi scheme’.

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