Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Millions vanish into crypto world in high-yield bond scam

Millions vanish into crypto world in high-yield bond scam

Sophisticated British criminals exploited vulnerabilities in Australia’s search engine and cryptocurrency infrastructure to dupe small investors, lured by the promise of high-yield funds badged by some of the finance world’s most trusted brands.
The complex scheme involved stolen identities and fraudulent prospectuses that claimed to represent high-yield investment funds run by global managers Citibank, Nomura, and IFM Investors. It has ensnared millions from unsuspecting victims who sought better returns as interest rates collapsed during the COVID-19 crisis.

Now anti-money laundering regulator AUSTRAC and the Australian Securities and Investments Commission will attempt to mop up the mess that has upstart Australian payments companies and crypto-firms facing collateral damage after being used to siphon funds for crooks armed with hijacked identities.

An investigation by AFR Weekend has discovered a series of fake investment comparison websites that act as a front door to shunt prospective investors into fraudulent products through fintech payment companies.

These sites have exploited the powerful reach of search engines, allowing the scammers to commit identity theft on an industrial scale. Financial crime experts now fear those stolen identities will be used multiple times to establish fake banking and trading accounts around the world.

The scammers have also adopted the names and identities of real-life investment bank staff, only for the funds – in parcels as high as $200,000 – to disappear through the cryptocurrency ecosystem and be sent offshore.

It all starts with a simple Google search for “fixed rate bonds”.

Such an inquiry will return results for Google AdWords-supported comparison websites such as Clearvest.com.au, Compare-investments.com.au, Marketing-aus.com or Investmentcompare.com.au. All sites purport to offer information about high-yield investments offering returns of up to 11.5 per cent per annum.

While the sites have a veneer of legitimacy, their purpose is to deceive investors into entering their contact details to receive comparisons or offers for investment opportunities, enabling the scammers to call or email with offers and highly realistic investment fund prospectuses.

But there are some visible clues that the websites are fraudulent. Investmentcompare.com.au and Marketing-aus.com both claim to be trading names of Black Magic Marketing Pty, registered at an address in Carlton, Melbourne.

However, Black Magic Marketing has had its identity hijacked. The owner of Black Magic Marketing, digital marketing specialist Shaun Ryan, has no connection to the websites. The Carlton address – which is listed on Black Magic’s registration forms held on the ASIC registry – is the address of Mr Ryan’s accountant.

Compare-investments.com.au, meanwhile, notes it is a trading name of A.K.D. Building Pty Ltd. Andrew Dodd, the real-life owner of A.K.D., has no connection to the website, and the “registered” Oyster Bay address was wrong by a few streets.

“I’m pretty alarmed and concerned that my company name and suburb is being fraudulently used by these people as clearly indicated on their website,” Mr Dodd told AFR Weekend when alerted to the scam.

Comparison website Clearvest.com.au, which is held on a Los Angeles-based server that also hosts a range of pornographic websites, spruiks “client reviews” from apparent investors. However, their reviewers are stock images provided by a website design platform.

The similarly-named ClearVest Advisers LLC, which has its own website and LinkedIn profile where four people list themselves as employees, displays an address at 90 Park Avenue, New York.

In real life, the building houses a number of high-powered investment firms, but Jared Silverman, vice president of Vornado Realty Trust, which leases the building said: “I have not heard of ClearVest.”

LinkedIn flagged the ClearVest profile internally when alerted to the profile by AFR Weekend.

“A fake profile is a clear violation of our terms of service. We invest in systems and technology that give us the ability to monitor, detect, and remove inappropriate profiles and content,” a LinkedIn spokesman said.

Google has proved an effective way to attract investors and fund promoters have paid around $7 a click to run digital campaigns targeting small investors seeking better yields than their term deposit can offer. IPO Wealth, the since collapsed fixed-income fund, paid the search engine $150,000 in one particular month after its term deposit campaign attracted more than 22,000 clicks.

A Google spokesman said its ads policy enforcement team was investigating the matter and would take action if necessary in accordance with its policies.

He said protecting users from scams and fraud was a priority and that both automated and human means were used. The spokesman described it as a “cat and mouse” space in which scammers are evolving their efforts, forcing the company to in turn adapt its efforts, policies and enforcement methods.

In 2019, Google removed 2.7 billion advertisements and suspended nearly 1 million advertiser accounts for policy violations, the spokesman said.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
×