Aussie Investors Scammed by Conman

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November 5th, 2015
Back Aussie Investors Scammed by Conman

More than 100 Australian investors got in on an online gambling enterprise, Sports Trading Club, but claim they were conned by the entrepreneur Peter Foster. The investors say he concealed millions and he has now been served with eight freezing orders valued at A$10 million against him and his associates including his niece Arabella.

The money is believed to be sitting in offshore accounts according to the Sydney Morning Herald reports. It appears that the money was transferred from the Sports Trading Club business.

"Corporate records reveal Ms Foster, a 29-year-old designer based in Brisbane, was linked to Hong Kong company Sports Trading Club Limited, while she also controls more than $6 million in offshore accounts in Vanuatu, Hong Kong and the Cayman Islands. It is understood that most of the funds were transferred overseas from a Westpac account associated with Sports Trading Club in Australia," said the Sydney Morning Herald.

53-year-old Foster has a history of fraud related crimes associated with his name and has been previously convicted of fraud and recently completed a Queensland prison sentence.

When interacting with clients he used the name “Mark Hughes.

His Sports Trading Club received investments ranging from A$50,000 to A$250,000, which were used to bet on international sporting events.

According to firm's former spokesman, Patrick McMahon, the Australian investors saw a 1,900 percent return between January 2013 and June 2014.

"Foster was previously involved with an almost identical gambling business called Sportalists, which shut down its website after an expose on A Current Affair in 2012. Sports Trading Club was founded two months later," the Sydney Morning Herald report indicates.

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