A self-styled financial adviser charged with stealing almost $2 million from victims including fashion designer Lisa Ho has been denied bail in Waverley Local Court.
Bondi man Hamish McLaren, 47, has been charged with 31 fraud offences relating to an alleged fraudulent investment superannuation scheme.
Prosecutor Sergeant Louise Tsolakis said it was "heartbreaking in relation to how much Mr McLaren had defrauded those people".
Sergeant Tsolakis told the court McLaren was known by several names — his girlfriend knew him as Max Mena — and police had in their possession a passport in the name of Hamish Phillip Watson.
Magistrate Michael Barko said McLaren posed an unacceptable flight risk, and he was concerned the accused would tamper with evidence like bank accounts if allowed bail.
"The defendant has all the incentive and the prowess to be able to leave this country," he said.
"He's a flight risk as far as I'm concerned. Anyone who can allegedly swindle large sums of money from intelligent worldly people is the sort of person who wouldn't find it very difficult to find ways and means of fleeing the jurisdiction."
"It seems the police case effectively is that the defendant took his clients hook, line and sinker and kept them on a tight line and when pressed for information, he would dribble funds to them. Who knows where those funds came from?"
Fashion designer Ho was in court, supported by her husband Nick Jacenko, father of Roxy Jacenko.
The prosecutor told the court Ms Ho had successfully had $600,000 returned to her from McLaren.
"I was advised yesterday that he's been arrested so I wanted to see him face to face," Ms Ho said outside the court.
The magistrate said he was concerned over the trust people put in McLaren.
"I'm astounded that people have enough faith in this day and age that people hand over huge sums of money with very little written documentation and security," he said.
