Another former lawyer in the media spotlight:
Millionaire Gold Coast businessman accused of $67 tax scam refused bail
Greg Stolz
From:The Courier-Mail
April 26, 20124:29PM
A MILLIONAIRE Gold Coast businessman accused of a $67 million money laundering and tax evasion scam has been denied bail, despite offering to be put under house arrest and pay a $250,000 surety.
Michael Issakidis, 67, faced Southport Magistrates Court on the Gold Coast today after being arrested by federal agents at his waterfront mansion on Tuesday.
His assets including his home and four Rolls-Royces have been seized and he was barefoot and in handcuffs when he appeared in the dock.
Commonwealth prosecutor Kylie Ward opposed bail, saying Mr Issakidis was a significant flight risk.
Ms Ward said while 'significant' assets had been frozen, Issakidis still had access to $11 million in unaccounted funds.
Defence lawyer Peter Shields said his client was willing to abide by strict conditions if he was granted bail to answer the charges in Sydney's Downing Centre Local Court next Tuesday.
These included paying a $250,000 surety, reporting twice a week to police and not reapplying for his passport.
``He is willing to stay almost under house arrest,'' Mr Shields said.
He said Mr Issakidis had been in a committed relationship since 1971 and had substantial ties to the Gold Coast.
However, magistrate Gary Finger said the charges facing Mr Issakidis were "serious" and involved "a serious amount of money".
He refused bail and remanded the businessman in the custody of an Australian Federal Police officer for extradition to Sydney.
http://www.heraldsun.com.au/news/more-news/millionaire-gold-coast-businessman-accused-of-67-tax-scam-refused-bail/story-fn7x8me2-1226339064413
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