A 56-year-old Sydney man has been sentenced to 14 years in prison after being found guilty in May of dealing with more than $50 million gained via an online investment scam that impacted more than 1,000 victims in Australia and abroad.
The Israeli national used several linked shell companies to “conceal and transfer” the criminal proceeds between June and November 2023.
The investigation that led to the man’s arrest and subsequent conviction was led by the AFP’s Joint Policing Cybercrime Coordination Centre and involved both local and international law enforcement agencies.
AFP Detective Superintendent Marie Andersson said the man’s activity was “sophisticated, large-scale offending”.
“The scammers behind these crimes often believe layers of companies, financial transactions and international money movements will shield them from detection. This is not the case,” Detective Superintendent Marie Andersson said in a September 18 statement.
“Behind every dollar laundered is a victim who has suffered financial loss, emotional distress and, in many cases, significant disruption to their lives.
“Investment scams are designed to exploit trust at scale, by using highly convincing online platforms, false promises of increased returns and sophisticated tactics to deceive victims into handing over their money.
“The AFP, together with our domestic and international partners, will continue to identify, disrupt and prosecute those who enable criminal networks to operate, regardless of where they are located.”
The man was found guilty of one count of dealing with money or other property reasonably suspected of being proceeds of crime in the NSW District Court.
Want to see more stories from trusted news sources?Make Cyber Daily a preferred news source on Google.
