Property spruiker slapped with record $18-million fine
The consumer watchdog has handed down a record fine to a property development company spruiking a ”get rich quick” scheme.
The company We Buy Houses and it’s director Rick Otton have been fined a $18-million, after action was brought against them by the ACCC.
The company gave seminars and mentoring programs and “bootcamps” telling people they could quit their careers and create a real estate portfolio for just a dollar.
Mr Otton has been fined $6 million for his misconduct.
ACCC Chairman Rod Sims tells Ross Greenwood that the company’s director would raise up people’s hopes, then “dash them and left [sic] them out of pocket”.
Mr Sims says “the judgment today was a terrific one”.
“An individual here, Ross, was given a penalty of $6 million.
“That will hopefully make a lot of people think before they do the wrong thing.”
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