An man from the Fleurieu Peninsula has been accused of defrauding elderly customers when working as a financial planner between 2005 and 2017.
Detectives from the Serious and Organised Financial Crime Investigation Section arrested an 80-year-old man on Thursday 1 June and charged him with 16 counts of aggravated deception and three counts of deception.
The total amount of money stolen from six victims was allegedly over $700,000; none of which has since been recovered.
Police allege that the victims were deceived to provide money for non-existent investment schemes for their retirement.
Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation to ascertain whether there are any further victims or offences against the male.
The man was bailed to appear in the Victor Harbor Magistrates Court on 7 August.
South Australia Police advise the community to be cautious of online advertisements and social media posts offering investment opportunities and to be suspicious of individuals who insist on urgency in transactions.
For further information on scams affecting South Australians, visit www.police.sa.gov.au/scams