Art Market Monitor

Fraud reveals many strange and unexpected things. Ron Coles was an Australian art dealer who pushed art as an investment. He fled last year when it was discovered that he had been dealing in fakes. Last week, Australian journalists found him living in a quiet regional town and driving a taxi cab to support himself. But now it appears that among the many persons who feel they were defrauded by Coles, the bikers have moved themselves to the head of the line:

The gang said 10 of its members were allegedly ripped off for a total of $1 million by former Sydney art dealer Ron Coles.

Fraud detectives have been investigating Mr Coles after receiving more than 150 complaints from art collectors and investors from whom he allegedly disappeared with more than $30 million in paintings and cash.

After Mr Coles’s hiding spot – on the Central Coast where he drives taxis to make ends meet – was revealed, a senior member of one of the state’s largest outlaw clubs threatened his safety. The club member said it was waiting for police to charge Mr Coles before it took action.

”It’s going to be a better option for us if he’s in jail,” the member said. ”It doesn’t matter where he gets sent, we can get to him once that happens. It’ll be easier to work with him inside there.”

Mr Coles allegedly owes 10 gang members $80,000 to $100,000 each. Several of them even lent him money when he hit hard times last year.

Bikies Have Coles in Their Sights (Sydney Morning Herald)

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