Property developer sentenced to 8 years behind bars

“ASIC’s investigation further revealed that between April 2009 and May 2010, Mr Silver, while a director of CGIC and associated with AAPD, dishonestly used his position with the intention of causing a detriment in the amount of $2,015,000,” the statement said.

“In February 2011, the scheme companies were placed into liquidation, owing investors approximately $9 million. Many of the investors were pensioners and were approached by telemarketing or word of mouth. Investors were convinced to borrow against their homes and were told that their money would be used to develop property in Tasmania.

“Instead, the money paid by investors was used to pay back interest owed to other investors, payments to employees, cash withdrawals and transfers to personal bank accounts.”

In handing down the sentence, Judge Deborah Richards described Mr Silver as running a sophisticated scheme.

“The ripple effect of your actions has been enormous,” she said, noting Mr Silver’s use of “callous manipulation and deception”. 

Commenting further, ASIC commissioner Sean Hughes said: “Bradley Silver deliberately targeted the elderly, promised investors up to 20 per cent returns, and convinced investors to borrow against their homes, which in many cases, was their only financial asset.”

“ASIC will continue to pursue such deliberate and harmful conduct,” he added. 

The court set Mr Silver a non-parole period of two and half years. 

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