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A West Australian mortgage broker has been convicted of fraud for his part in a Ponzi-style investment scheme.
According to the ABC, Mark Booty was forced to stand trial in the WA District Court after it was found he had taken $1.2 million from seven clients and then used the money to pay off debts and credit card bills.
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Mr Booty, who ran a property investment business and acted as a mortgage broker in Rockingham, was charged with eight counts of fraud.
As per the court documents, Mr Booty lured potential investors into the scheme by promising them returns of 20 per cent or more.
In some cases, Mr Booty made regular payments back to the investors, until he declared bankruptcy in 2009.
The mortgage broker has been subsequently found guilty of fraud and will be sentenced on June 12.
