Western Australian fraud detectives are investigating several complaints against Ryan Waddell, who has been offering investors 80 per cent returns per annum for property investments through Diamond Property Solutions.
Detective Sergeant Bernie Iriks told WA Business News he had received a series of complaints since June, which involved people paying $100,000 to Mr Waddell or companies associated with him.
The complainants believe they were buying a share of a property development boasting returns of between 80 per cent and 100 per cent a year.
The complainants say the promised returns have not yet eventuated.
“We are investigating him and if anyone else feels aggrieved we would be happy to talk to them,” Det Sergeant Iriks said.
One complainant spoken to by WA Business News said she believed she was one of 10 investors contributing $100,000 each to fund development and subdivision of a block of land south of Perth.
She said she paid Mr Waddell’s company, Parkleaf Pty Ltd, in three tranches between October and December and was promised a cheque in March with a return of 60 per cent on her investment.
She said the cheque had yet to arrive.
Australian Securities and Investment Commission records show a controller was appointed to Mr Waddell’s Parkleaf Pty Ltd in November.
A controller is often appointed when a creditor moves in to control a company’s asset rather than appoint a receiver.
WA Business News was unable to contact Mr Waddell despite several attempts.
The complainant said she met Mr Waddell several years ago when he was working for property group Westpoint, which has since collapsed after raising about $300 million from investors.
In February Mr Waddell was fined $1,000 plus costs by the State Administrative Tribunal for acting as a finance broker but failing to provide mandatory information to the consumer protection commissioner.
At the time, consumer protection commissioner Patrick Walker said Mr Waddell was not holding trust funds but had failed to provide that information despite “numerous contacts, messages and visits by consumer protection officers”.
