Two con-artist treasurer hunters who duped 130 investors out of $630,000 by promising to salvage gold from shipwrecks on the bottom of the ocean have been sentenced to jail.
Lawrence James Phillips, 37, and Christopher Paul Woolgrave, pleaded guilty earlier this month to one count each of operating an unregistered managed investment scheme and faced sentencing today.
Brisbane's District Court heard the pair had sought money from private investors to salvage treasure from shipwrecks sitting at the bottom of the ocean in South-East Asia.
A total of 130 Australian investors coughed up $US590,490 ($AU629,071) between January 2002 and May 2003. Phillips and Woolgrave produced an information memorandum that was circulated amongst potential participants of the scheme.