Coast fraudster developer’s prison sentence upheld

A FORMER Gold Coast property developer who fleeced pensioners out of millions of dollars has had his eight-year prison sentence upheld by the Queensland Court of Appeal.

Bradley Silver was sentenced in September last year to eight years’ imprisonment after pleading guilty to seven counts of fraud to the value of $2.763 million and six counts of dishonestly using his position as a director in the amount of $2.01 million.

A non-parole period of twoand-a-half years was imposed.

Judge Deborah Richards delivering the sentence in the Brisbane District Court described Silver as running a sophisticated scheme involving “calculated dishonesty” and “callous manipulation and deception”.

On Tuesday, the Queensland Court of Appeal dismissed an appeal by Silver against the severity of the sentence.

The court confirmed the eight-year sentence was not manifestly excessive.

It ordered Silver be released on a recognisance of $2000 after serving his two-and-ahalf year non-parole period.

The charges related to his involvement in investment schemes operated by Capital Growth International Club Pty Ltd and All About Property Pty Ltd.

An investigation by the Australian Securities and Investments Commission had found Silver dishonestly induced Westpac Banking Corporation to deliver property worth $2.763 million to Westpac customers for investing in the two schemes between July 2008 and July 2010.

Also while a director of both companies he had dishonestly used his position with the intention of causing a detriment in the amount of $2.015 million.

Both companies went into liquidation in February 2011, owing $9 million with many investors pensioners who had been convinced to borrow against their homes.

They were told the money would be used to develop property in Tasmania. Instead, the money was used to pay back interest owed to other investors, payments to employees, cash withdrawals and transfers.