Fraudsters jailed for stealing millions from 'older and vulnerable' victims

Two men have been sentenced to prison for orchestrating a fraudulent property investment scheme that defrauded five victims, including four elderly individuals, of more than $6 million. Andre Langos, 44, and Sam Smith, 58, exploited the vulnerability of their victims, who had entrusted them with funds accumulated over a lifetime of work and saving.

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The victim described the experience of seeing the extent of her losses documented on paper as a form of physical and emotional assault.

South Australian District Court Judge Anne Barnett characterized the crimes as "undoubtedly serious," highlighting the "far-reaching and life-changing impacts" on those affected. One victim described the realization of her losses as an "abhorrent betrayal" and likened seeing her life "burn down" to "someone else lit the match." Another victim reported feeling "financially and personally violated, humiliated and stripped of control," along with experiencing "profound shame" for their trust in the scheme.

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seeing your life burn down while already standing in the ruins and knowing someone else lit the match

The scheme operated between April 2019 and July 2020. Judge Barnett noted that Smith, who was introduced to Langos by a mutual friend, had initially invested successfully with Langos before a subsequent investment failed. Smith then persuaded some of his long-term friends to invest with Langos, allegedly to secure the return of his own funds, admitting he "failed to tell the victims the purpose for which the provided funds would be used." Victims provided money to Smith, who transferred it to Langos.

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financially and personally violated, humiliated and stripped of control

The judge stated that the fraud only ceased when victims sought legal counsel and contacted the police. When victims grew frustrated about the lack of returns, Smith and Langos allegedly told them their money was safe but required additional thousands of dollars to expedite its release. Except for a small amount returned to one victim, the investors have not seen any of their money returned. Langos pleaded guilty to 15 counts of deception, while Smith pleaded guilty to six counts of aggravated deception.

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All but one of your victims were older and vulnerable individuals who entrusted to the scheme funds accumulated over a lifetime of work and careful saving.