The Australian Competition and Consumer Commission (ACCC) said it has been working with the Queensland Office of Fair Trading, Queensland Police, the Australian Securities and Investment Commission and the Australian Taxation Office to develop coordinated enforcement and consumer education strategies to tackle sports investment scams.

"Often peddled as investments, these schemes simply cannot deliver and odds are you will kiss your money goodbye - and quickly," ACCC deputy chair Peter Kell said.

"Consumers think they are making a savvy investment, based on bogus forecasts for strong profits and steady income. Despite claims of 'tax free wealth', 'strategic investment', 'recession proof' or even 'investing in the thoroughbred racing industry'-these schemes are not investment opportunities - they are gambling. In some cases, the sole intention of the operator is to take your money and run," he said.

Mr Kell's call was endorsed by Queensland Minister for Fair Trading Peter Lawlor who reiterated that the scams were simply designed to take the money from unwitting consumers.

5 November, 2009