Australian art dealer investigated by fraud squad

By Elizabeth Fortescue | Posted online: 16.3.09

SYDNEY. A prominent Sydney art dealer is believed to be in hiding following allegations that he duped investors out of millions of dollars. A strike force led by the New South Wales state police fraud squad is investing the activities of the Ronald Coles Investment Gallery in semi-rural northwest Sydney.
“The strike force is investigating allegations of fraud relating to the operations of an art gallery in Castle Hill,” NSW police said in a statement. “It is anticipated this will be a protracted inquiry and we can make no further comment at this time.”

According to reports in Sydney newspapers, police raided the Ronald Coles Investment Gallery on 21 January and seized 404 paintings worth more than Aus$5m. Police have reportedly taken statements from more than 150 people owed between A$20,000 and A$1.2m.
>> 자세한 내용은 원문 링크를 따라가세요