A 24-year-old man has been charged following an investigation into a fraudulent investment scheme.
The accused, who is the managing director of an investment firm, allegedly entered into several contracts with varying victims between February 2021 and February 2024.
The victims were led to believe the man would perform trades on the Global Stock Exchange with their invested money with an anticipated return of about three per cent per month.
"Conditions were also provided that investment accounts could be terminated at any time, with the closing account balance deposited back to the investor within 5-10 days," a WA Police spokesperson said.
"The accused received approximately $2 million in funds from victims across Australia."
A small number of victims did receive partial funds from their investments but many did not.
Their concerns were then reported to WA Police.
On March 6, the accused was arrested in Mandurah and charged with 11 counts of gains benefit by fraud.
He is due to appear before the Perth Magistrates Court on March 22.
Inquiries remain ongoing.
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