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Perth accountant under investigation for alleged Ponzi scheme

Liam Bartlett
Article image for Perth accountant under investigation for alleged Ponzi scheme

Victims of a suspected Ponzi scheme from across the state are coming forward to warn others of the accused mastermind.

The Financial Crimes Squad is investigating Perth accountant Joe Papalia, who allegedly convinced dozens of clients to join the fake investment scheme.

He has not been convicted of any wrongdoing and is not facing any charges.

Alleged victim Lisa said she lost more than $65,000.

“As my trusted accountant, I believed him,” she told Liam Bartlett.

“It’s beyond devastating, a person you knew and trusted so well, and acted as a family friend, this man ate in my home.”

Another alleged victim, Frances Harrison, who started a Facebook page for suspected victims, said she is owed $40,000.

“He had been the accountant for our family for 35 years,” Ms Harrison said.

“We just don’t know where the money is at this stage.”

Press PLAY to hear their stories in full 

(Photo: iStock by Getty Images.) 

Liam Bartlett
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