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 Busted: Crooked lawyer ran a Ponzi scheme

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RR Phantom

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Busted: Crooked lawyer ran a Ponzi scheme Vide
PostSubject: Busted: Crooked lawyer ran a Ponzi scheme   Busted: Crooked lawyer ran a Ponzi scheme Icon_minitimeFri Jun 13, 2014 3:14 am
Australian music legend Joe Camilleri is suing the Legal Services Board for more than $140,000 stolen from him by a crooked lawyer.

Busted: Crooked lawyer ran a Ponzi scheme HP-Spectrum-aw-20140523120146460630-620x349

Mr Camilleri and his former wife, Michelle, together lost more than $500,000 after investing with lawyer Philip Linacre, who stole more than $12 million from clients in a ‘Ponzi’ scheme.

Linacre, 61, pleaded guilty in the Supreme Court in March to 21 counts of obtaining a financial advantage by deception involving 17 investors and $12.1 million, and five trust-money offences.

Linacre had promised his clients, including family members, close friends and other lawyers, returns on their investments of between 13 to 23 per cent a year.

Claiming the money was being loaned out and secured by mortgages, Linacre made up fake documents, such as title searches, to convince his trusting clients everything was above board but none of the money was invested.'

http://www.smh.com.au/entertainment/music/joe-camilleri-sues-over-dodgy-lawyers-theft-20140613-zs6em.html
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