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Property spruiker slapped with record $18-million fine

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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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