Jesmond Arrest After $1.5 Million Fraud

Newcastle police have charged a man after he allegedly defrauded investors of more than $1.5 million on the New South Wales north coast.

The 59-year-old is accused of coercing three men to invest in a series of fraudulent business ventures in the Coffs Harbour area between 2013 and 2015.

Following three years of investigations — the man was arrested at a Jesmond home yesterday afternoon and taken to Waratah Police Station where he was charged with 9 counts of fraud.

He’s also accused of using the funds for personal use, and is due in court today.