On 22 August 2022, Anthony Keith Silver (also known as Tony Silver) of Hobart, Tasmania, pleaded guilty to one count of fraud totalling $1.815 million, following an ASIC investigation.

Mr Silver was the shadow director of Capital Growth International Club Pty Ltd and All About Property Developments Pty Ltd (the scheme companies), which raised approximately $9 million from investors between 2008 and 2010.

Mr Silver pleaded guilty to misappropriating $1.815 million from the scheme companies between April 2009 and June 2010 by transferring funds to his personal bank account, making payments to company employees and paying returns to other investors.

Many of Mr Silver’s investors were pensioners and were approached to invest in the scheme companies by cold-call telemarketing or word of mouth. Investors were told that their funds would be used to develop property in Tasmania or be pooled and invested in bank term deposits. Investors were also told they would receive returns of 15-20 per cent per annum on their investments. Some investors were convinced to borrow against their homes to invest with the scheme companies.


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Mr Silver was the main decision maker in the scheme companies and directed how monies invested were used.

The charge carries a maximum sentence of 12 years’ imprisonment.

Mr Silver was remanded in custody to appear at a sentencing hearing on 28 October 2022.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after the referral of a brief of evidence by ASIC.


On 6 September 2019, Bradley Silver, Anthony Silver’s son, was sentenced to eight years imprisonment after pleading guilty to dishonesty offences relating to the scheme companies totalling over $4.7 million (19-243MR).

On 9 February 2017, former Westpac home finance manager David St Pierre was sentenced to three years imprisonment after pleading guilty to dishonest use of his position concerning his role in submitting false loan applications to obtain over $2.5 million for Westpac customers to invest in the scheme companies (17-025MR). On 12 March 2014, ASIC permanently banned Mr St Pierre from engaging in credit activities and providing financial services (14-043MR).

In October 2014, Westpac remediated investors in the scheme companies who had contact with Mr St Pierre before investing (14-264MR).