A MAN will face court in Newcastle after allegedly defrauding three people of more than $1.5 million.
Strike Force Reganza began investigating in January 2018 after allegations of fraud by a man who was then 56 years old.
The investigation began in Coffs Harbour but on Monday swept into the Hunter when detectives arrested a 59-year-old man at a home in Mordue Street at Jesmond.
The man was taken to Waratah police station and charged with nine counts of dishonestly obtain financial advantage by deception.
"Police will allege the man coerced three men to invest in fraudulent business ventures, totalling $1,589,000 between February 2013 and December 2015," NSW Police said in a statement.
"Police will further allege all these funds were utilised for personal use."
The 59-year-old was refused bail to face Newcastle Local Court.
