This week it was reported in the Sydney Morning Herald that more than 100 Australian investors are seeking justice as they claim entrepreneur Peter Foster stole millions from them by siphoning money from the online betting firm Sports Trading Club.
The plaintiffs in the case have served eight different freezing orders on Foster and his business accounts, taking in A$10 million. In the past Foster has had convictions for fraud and has even served jail time in the past, most recently serving 18 months in Queensland prison for fraud.
There is currently a class action lawsuit pending regarding the stolen funds, as Foster has fled to Hong Kong in an effort to avoid paying back the siphoned money. The defendant is accused of using the alias "Mark Hughes" to lure in new investors for Sports Trading Club, which received a string of investments that ranged from A$50,000 and A$250,000, and the company's former Spokesman claimed that investors got a 1,900% ROI from between January 2013 and June 2014.
The scam was nearly identical to another ruse that Foster put on, wherein he ran a business called Sportalists, which closed in 2012 after the television show A Current Affair exposed the firm for being a scam.
Casino Listings will update this story as more developments arise.