Post: Former Gold Coast property scheme promoter Anthony Silver sentenced to eight and a half years imprisonment

Anthony Keith Silver (also known as Tony Silver) of Hobart, Tasmania, was today sentenced to eight years and six months imprisonment for fraud totalling $1.815 million, following an ASIC investigation.

Mr Silver was the shadow director of Capital Growth International Club Pty Ltd and All About Property Developments Pty Ltd (the scheme companies), which raised approximately $9 million from investors between 2008 and 2010.

Mr Silver pleaded guilty to misappropriating $1.815 million from the scheme companies between April 2009 and June 2010 by transferring funds to his personal bank account, making payments to company employees and paying returns to other investors (22-230MR).

Many of the investors were pensioners and were approached to invest in the scheme companies by cold-call telemarketing or word of mouth. Investors were told that their funds would be used to develop property in Tasmania or be pooled and invested in bank term deposits. Investors were also told they would receive returns of 15-20 per cent per annum on their investments. Some investors were convinced to borrow against their homes to invest with the scheme companies.

In delivering the sentence, Judge Vicki Loury KC remarked on the significant impact of Mr Silver’s fraud on the victims, and the financial and psychological cost to them.

The Court set Mr Silver a non-parole period of two and a half years.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral of a brief of evidence by ASIC.

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