A Queensland lawyer who created a sham diamond commerce, promoting payday loans to weak folks, has misplaced his enchantment to resume his licence.
Robert Legat, former director and authorized counsel of Quick Entry Finance (FAF) in Queensland, was investigated for the scheme, which authorities mentioned concerned Legat preying on weak clients who approached his firm for short-term loans.
Queensland solicitor Robert Legat.Credit score:LinkedIn
The purchasers had been as an alternative provided the chance to purchase, on credit score, diamonds that had been saved off web site, in response to investigating officers.
The Australian Securities and Investments Fee banned Legat in September 2017 for his function in devising the scheme.
The diamond mannequin has been the topic of a number of court docket hearings, together with the Federal Courtroom in 2015 and 2017.
Prospects would signal a privateness act consent type, which recorded that the client had utilized to “borrow a sure amount of cash”, after which would signal different types, together with a contract to buy diamonds.
A screenshot of Quick Entry Finance’s web site in 2012. It has since been taken down.Credit score:fastaccessfinance.com.au
The acquisition value was $250 a diamond.
The diamonds would then be bought to a different firm, Diamond Clearing Home Pty Ltd, for half the acquisition value, and the client can be given money.
