Detectives have arrested a man from the Fleurieu Peninsula for deceiving and stealing money from elderly victims while he was working as a financial planner.
The 81-year-old has been charged with four counts of aggravated deception totalling approximately $130,000.
Police allege that between 2014 and 2017, three victims were deceived into providing money to the man for non-existent investment products for their retirement, however there was no investment made and the man used the money for other purposes.
None of the money has since been recovered.
Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation to ascertain whether there are any further victims or offences against the man.
He was bailed to appear in the Christies Beach Magistrates Court on 7 December.
South Australia Police urge the community to be vigilant with their finances. For further information on scams affecting South Australians, visit police.sa.gov.au/scams.