A 24-year-old Mandurah man accused of being behind a fraudulent investment scheme has been hit with 11 further charges.
Jack Endersby was first charged back in March after several of his alleged victims reported his activities to WA Police.
"It will be alleged the accused entered into several contracts with varying victims under the guise that he would perform trades on the Global Stock Exchange with their invested capital," a WA Police spokesperson said.
"The victims were led to believe the investments were secure with anticipated returns of about three percent per month.
"Conditions were also provided that investment accounts could be terminated at any time, with the closing account balance deposited back to the investor within 5-10 days.
"Most of the victims never received any funds from their investment and subsequently reported their concerns to police via ReportCyber."
Further investigations into his business, Codex Investments, revealed 11 more victims.
His offending allegedly dated back to 2019 and in total, Endersby received over $2.5 million in funds from 22 victims across Australia and Europe.
One of his alleged victims is his grandmother who claims she had lost $320,000 through her grandson's alleged Ponzi scheme.
Endersby was arrested on May 2 and charged with a further 11 fraud offences.
He is next due to appear before the Perth Magistrates Court on May 17.
Inquiries remain ongoing.
To report a cybercrime, view cybercrime information or to access help about cybercrime, go to the ReportCyber website.
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