An eight-month joint-agency operation undertaken has resulted in the sentencing today of two people for their role in a multi-million dollar investment fraud scam involving hundreds of Australian victims.

Operation Juliet Dynamite, which involved the Queensland Police Service (QPS), Australian Crime Commission and the Australian Securities and Investment Commission (ASIC) and ran between October 2011 and June 2012 targeted those responsible for operating five fraudulent companies offering non-existent investment opportunities.

Two men aged 31 and 34 appeared in Southport District Court today for the sentencing, having been charged with fraud to the value of more than $30,000 committed between December 2010 and December 2011. Both men were sentenced to ten years imprisonment.

Acting Detective Superintendent Terry Lawrence, Commander of the QPS Fraud and Cyber Crime Group, said the sentencing was the culmination of a lengthy multi-agency investigation.

"The QPS received more than 400 complaints from individuals who had invested more than $6 million into Gold Coast based companies purporting to be investment firms."

Acting Detective Superintendent Lawrence said that many of the victims were looking to recover losses they had sustained during the Global Financial Crisis.

Victims were initially cold-called and were offered the opportunity to invest through index trading. Many of the victims invested their life savings with the fraudulent companies on the promise of receiving significant returns.

"The messages we want to stress to members of the public is to be ‘fraud-aware’. Be wary of get rich investment schemes, assess the service offered carefully, seek advice from a professional and do not rush.

"It is important to remind people legitimate brokerage firms do not cold call members of the public to solicit investments," Acting Detective Superintendent Lawrence said.

Acting Detective Superintendent Lawrence also thanked the Australian Crime Commission and ASIC for the support provided to the QPS throughout the investigation.

Australian Crime Commission Queensland Manager of Investigations Mr Carey Stent said victims of investment fraud have lost significant amounts of money and in some cases, all of their retirement funds. Individual loss ranges from $35,000 to more than $4 million.

"Intelligence shows that more than 2600 Australians have lost in excess of $113 million to investment frauds. However, this is a conservative estimate and the extent is far greater."

Mr Stent warned that in the next 20 years, a large number of Australians will retire from active work and have superannuation investments to manage. He said raising awareness of serious and organised investment frauds is crucial in preventing people falling victim.

"The Australian Crime Commission will continue to designate its full suite of capabilities to protecting the public from investment fraud as it has done with Project Galilee," Mr Stent said.

People can protect themselves by hanging up on any suspicious calls received and by further investigating and researching any investment offer:

• Visit www.moneysmart.gov.au or call 1300 300 630 for further information.
• Alert your family and friends to this fraud, especially anyone who may have savings to invest.
• Report suspected fraud to the Australian Securities and Investments Commission, via www.moneysmart.gov.au or 1300 300 630, or your local police. Any information that can be provided such as company name, location and contact details will assist with subsequent investigations and enquiries.
• Hang up on unsolicited telephone calls offering overseas investments.
• Check any company you are discussing investments with has a valid Australian Financial Services Licence atwww.moneysmart.gov.au
• Always seek independent financial advice before making an investment.

Victim support is available through the Survivors of Financial Crime Support Group on (07) 3364 6622.

Anyone with information which could assist with this matter should contact Crime Stoppers anonymously via 1800 333 000 or crimestoppers.com.au 24hrs a day.

Crime Stoppers is a registered charity and community volunteer organisation working in partnership with the Queensland Police Service.

For all non-urgent police reporting or general police inquiries contact Policelink on 131 444 or Policelink.qld.gov.au 24hrs a day.