Property spruiker Rick Otton turns attention to investors in Athens Riviera
Rick Otton, the Australian property spruiker posted 40 videos on YouTube giving potential clients insights on doing deals on the eve of being fined a record $6 million for misleading conduct.
Otton has been seeking investors to buy into overseas real estate, including Athens.
The Federal Court has imposed an $18 million fine on Otton’s company We Buy Houses Pty Ltd.
About 2000 people across Australia paid Otton $3000 to attend boot camps between 2011 and 2014.
Otton presents himself as a self-made multi-millionaire property investor and real estate consumer advocate.
Some 700 people paid up to $26,000 each for individual mentoring.
They had been lured by Otton’s buyer of buying a home for $1.
Some $20 million was raised by Otton before the Rod Sims at the Australian Competition and Consumer Commission began legal action against Otton and We Buy Houses Pty Ltd alleging false or misleading conduct.
The Telegraph wrote he now spends much of his time travelling in the UK, Spain, and Greece.
“We will be bringing this judgment to the attention of authorities overseas,” Sims said.
Sims told 2GB's Ross Greenwood that Otton would raise up people’s hopes, then “dash them and left [sic] them out of pocket”.
His recent videos on YouTube includes a 2002 ABC documentary on him.
