PHOTO: How to Buy a House for $1 contained ‘misleading’ testimonials.
A property spruiker who charged investors tens of thousands of dollars to learn “how to buy a house for $1” has been slapped with a record $18 million fine.
The Federal Court handed down the penalty on Thursday after finding last August that Rick Otton and his company We Buy Houses Pty Ltd had engaged in misleading and deceptive conduct.
From around 2000, Mr Otton promoted real estate investment strategies through seminars, boot camps and mentoring programs that brought in around $20 million in revenue between 2011 and 2014 alone.
Investors were told they would be taught how to buy a house for $1 without needing a deposit, bank loan or real estate experience, create passive income streams through property and quit their jobs, build a property portfolio and start making profits immediately.
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