Investors were given a record 18 million dollars worth of property spyikers who were given tens of thousands of dollars to learn about buying a house for $ 1.
In August last year, the federal court handed Rick Otton and his company We We Buy Homes Pty Ltd for fraudulent and fraudulent penalties on Thursday.
Since 2000, Mr. Otton has focused on real estate investment strategies through workshops, loading camps, and curricula. Around 20 million.
It tells investors how to buy a house for $ 1 and immediately begins to earn profits by building a portfolio of real estate, creating passive revenue streams through real estate, lacking bank loans or real estate experience.
Mr. Otton is the "buyer for hire", "sandwich leasing option", "mining engineer", "specialist" or "thermal capital", "seller finance" or "buy-in" and "some now" .
The Australian Competition and Consumption Commission initiated a joint investigation into NSW Fair Trading in 2015 against Mr. Otton.
Fines of $ 12 million and penalties for Homeland Acquisition, and $ 6 million for Otton, are the highest for corporate and individual Australian consumer rights violations.
Mr. Otton has been forbidden by managing corporations in Australia for 10 years, and he and his company are further involved in real estate promotion.
"We buy a home and Mr. Otton gave a false hope to people looking for stability in the housing market or investing in real estate for the future," said ACCC Chairman, Rod Sims.
"We can buy penalties on recordings, and Mr. Otton represents their bitter behavior. Also, they are absolutely forbidden to participate in real estate for any reason.
"These penalties apply to ACS's false expectations of financial success and identify consumers' ability to perform a strong and effective action against corrupt entrepreneurs and individuals.
"According to the court decision, it will have to condemn fake and misleading property and" rich "schemes.
"This result shows the latest trends in the high penalties for Australian consumer rights violations. We expect that we will continue to make the next legislative changes to increase the maximum financial penalties on this consumer law. "
Last year, according to the decision of the Glyceson Court, Otton's book, DVD and website were found, How to buy a housing $ 1, who has misled and claimed that it had been successfully "certified" by the "pupils" who claimed to have purchased the house as "$ 1".
Justice Glieson said that the consumer "took the theoretical opportunity of a set of transactions that would cost $ 1 to buy an option to buy a home and to sell a home in accordance with another variant without allowing other losses."
"But the court did not prove that this happened," he said.
"Therefore, there is no evidence that respondents 'strategy can afford to buy a home for $ 1 per customer, and the respondents' strategy does not have reasonable grounds for allowing or possibly buying a home for the customer.
"There is no evidence that respondents' strategies can be used to buy a home without consuming a small or any of their money, and there is no justification for that achievement or achievement."
He described free training workshops as "waste of time", as well as training programs as a "waste time", saying "there is no reasonable basis" to suggest that "teaching methods" can be used to achieve any of the methods.
Mr. Otton's phone number was disconnected.
In 2015, Mr. Otton took part in the ACCC campaign, saying that the observer would say "word-for-word explanation", which means the book Fifty shades of gray because it is not about paint colors. "
"ACCC believes that the public is foolish that they will take their name and that they only need dollars to buy a home," he said.
"The ACCC Australian Society is a tragic day when the dollar thought it was foolish that it did not understand the beginning of this process.
"It is necessary to pay for home payment. People know that this word is often used in the business: buying business for $ 1, ie for business debt. "