Fraudster Peter Foster fleeced investors of more than $10 million in a betting scam while on the run, it has been claimed.
Hundreds of Australian families were conned as Foster allegedly raked in millions from a ponzi scheme called the Sports Trading Club, according to allegations aired by Nine's A Current Affair on Wednesday.
Foster is alleged to have told investors he could make them a fortune through the online sports trading scheme, which he ran from an office in his hideout in the Byron Bay area, the program says.
The conman set up the scheme using the alias Mark Hughes, and raked in more than $10 million in the last few months alone, allowing him to splash out on a yacht.
Multiple computers were found in his home office, along with mobile phones registered to various names used as part of the plot, according to the program.
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