A furious raging bull trader has been arrested for allegedly using a false name and forged a $5,000 deposit for a Melbourne house.
Key points:A raging bull traded on a Melbourne trading platform for more than two months, and allegedly spent $5K to purchase a houseThe police say they are investigating a suspected fake name and fake depositThe man was arrested after his account was suspended on Thursday and a search warrant was executed in his home.
The man allegedly used the name James Smith, and a fake deposit of $5.3,500 was forged.
“We have been made aware of a suspected false name that is being used on the platform,” police said in a statement on Friday.
“The user was subsequently suspended and a warrant was issued for his arrest.”
A police investigation is ongoing and we can confirm that he has been located and arrested.
“The man has been charged with two counts of forging a registered financial institution document and a number of offences relating to the trading of the raging bull, including fraud, fraud, and breach of a security agreement.
He will appear in the Melbourne Magistrates Court on March 3.”
At the time of the alleged trading of raging bulls, the platform was in a very precarious financial position,” police spokesperson Mark Lister said.”
These events resulted in the suspension of trading of that platform.
“The raging bull was the most popular stock on the site, and the Melbourne police said the site was “not in a position to continue trading the bull”.”
The site’s trading platform has been suspended and the platform has also been suspended from all trading platforms,” Mr Lister added.