By Christine Flatley | July 10, 2008 A MAN fleeced more than $350,000 from unsuspecting investors by claiming to have invented a self-lighting cigarette, a court has been told.
Brisbane District Court was told today that George Carras, 40, of Toowong in Brisbane, also conned his victims with the promise of cheap diamonds that could be onsold for a profit, and with shonky investment property deals.
Carras today pleaded guilty to two counts of fraud to the value of $5000 or more.
Prosecutor Chris Minnery told the court Carras, who had a history of similar offences, would convince people to invest their money with him through a series of "brazen" lies.
On several occasions he told people he had the patent to a self-lighting cigarette that had already been bought by a tobacco company for millions of dollars.
The victims would give Carras their money but he consistently failed to deliver on his promises of high returns.
"He would essentially string his victim along for as long as possible," Mr Minnery said.
The court was told 32 people fell prey to Carras's fraudulent behaviour, losing a total of $358,392.
Only $2800 had been repaid.
The court was told Carras had stolen the money from people in an attempt to emulate the lifestyles of the wealthy people with whom he socialised.
Judge Hugh Botting sentenced Carras to six years' jail.
