Developer turned thief steals $2.79 million from village investors

Mar 03 2008 Updated July 4, 2023

The Weekly Source

1 min read

Flamboyant Melbourne property developer Mark Stanley the brains behind Australias first gay public company, the Satellite Group, faces a lengthy jail term after pleading guilty to two charges of stealing $2.79 million from investors. The private investors were told their money would purchase land for a retirement village at Berwick, outside Melbourne. They were promised theyd get all their money back on completion, plus interest payments of 13% a year once the village was built. But the land was never purchased.

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