An American national has been charged over allegedly scamming millions of dollars from retirees in Sydney.
The man working from NSW allegedly received more than $2.8 million from 14 retirees before funnelling the money into Bitcoin between March and April this year.
Police said the retirees were duped into investing in fake bonds by scammers posing as trusted financial institutions.
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The fake bonds mainly targeted self-managed super funds.
Strike Force Tallagandra was established by police to investigate the reports of this fixed bond investment scam.
Detectives executed a search warrant at a unit on Cowper Wharf Roadway, Woolloomooloo, about 9.30am yesterday.
Electronic devices and documentation were seized during the search.
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A 52-year-old man was arrested at Kings Cross Police Station about 5.45pm yesterday.
He was charged with 26 offences.
The 52-year-old was refused bail and will appear at Parramatta Bail Court today.
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