A former Gold Coast property developer who duped pensioners out of almost $5 million has been sentenced to eight years in prison.

September 6, 2019

A former Gold Coast property developer will spend at least two-and-a-half years behind bars following the collapse of his $4.78 million investment scheme targeting pensioners.

Bradley Keith Silver, 30, was sentenced in the Brisbane District Court on Friday after admitting 13 dishonesty charges for fraud and dishonest use of his position as a company director between July 2008 and July 2010.

The court heard Silver’s staff lured investors with promises of returns of 12-15 per cent.

They then armed their victims with false documents stating they were already receiving an income stream so they could secure loans that were transferred directly to the companies of which Silver was a director.

“They were usually people who owned their houses but had poor incomes, such as Centrelink pensions,” Judge Deborah Richards said.

Prosecutor Jeff Hunter told the court that investors in the “unregistered managed so-called investment scheme … were led to believe their money would be invested in an array of high-performing investments”.

“In fact, the money was diverted to the use of the defendant and his family.”

Judge Richards said Silver had caused trauma and left people isolated by shame.

“The ripple effect of your actions has been enormous … people were terrified of being left homeless as a result of your actions,” she said.

“Families have been torn asunder, people left with serious mental issues, stress, depression, feelings of guilt for being duped by you.”

Judge Richard said Silver’s offending was a “very large fraud committed over a significant period of time, involving calculated dishonesty and a sophisticated scheme”.

The crimes involved “planning, building trust, callous manipulations and deception”.

She sentenced Silver to eight years in prison. He will be eligible for parole after two-and-a-half years.