Australia Jails Man for 14 Years Over $50 Million in Scam Proceeds
An Israeli national has been sentenced in New South Wales to 14 years in prison for dealing with more than A$50 million in criminal proceeds linked to online investment scams that affected more than 1,000 victims in Australia and overseas.
The 56-year-old Sydney man was sentenced by the NSW District Court on 17 September 2026. He received a non-parole period of nine years.
The case is notable as one of the first significant prosecutions under Australia’s ‘proceeds of general crime’ money laundering provisions, introduced through the Economic Disruption Act reforms in 2021. Those provisions are designed to enable prosecution of dealings in suspected criminal proceeds without requiring the prosecution to establish a particular predicate offence from which every dollar originated.
In May 2026, the man was found guilty of one count of dealing with money or other property reasonably suspected of being proceeds of crime, contrary to section 400.2B(3) of the Criminal Code (Cth).
The offending took place between June and November 2023. Investigators established that the man used a network of shell companies to conceal and transfer funds generated by fraudulent online investment schemes. The scams were linked to reported losses exceeding A$50 million and more than 1,000 victims.
The investigation was led by the Australian Federal Police’s Joint Policing Cybercrime Coordination Centre and involved cooperation with domestic and international law-enforcement agencies as well as financial institutions, payment service providers and cryptocurrency businesses. Investigators traced funds through a complex network of companies and financial transactions.
The Australian Federal Police said the case demonstrated its focus on individuals who facilitate scam networks by moving and concealing criminal proceeds. The investment scams involved convincing online platforms and false promises of investment returns designed to induce victims to transfer money.
The 17 September sentence brings the criminal proceeding against the man to the sentencing stage following his conviction earlier this year.
