Investors have lost almost $1 million after two accused scammers convinced them to finance the career of a young Australian singer trying to make it big in Nashville.
A man and a woman from the Sunshine Coast are facing multiple counts of fraud after allegedly telling their victims they were investing in the next Taylor Swift.
Police say the pair claimed to be raising money to help a local singer who'd travelled to Nashville break into the US country music market.
Backers, who collectively handed over about $900,000, were told they'd get regular payments based on her musical success.
But the unidentified songstress knew nothing about it and had no idea she'd become the face of a major financial scam.
It's understood the accused pair used the money to make small payments to others in the investment scheme, in a scam likened to a pyramid scheme.
Six people spoke to police, sparking Monday's arrests. Officers say it's likely there are more victims of the 2016 scam and have urged people to come forward.
A woman, 41, and a man, 44, both from Mount Coolum, are each facing five counts of fraud.
They will appear in the Maroochydore Magistrates Court on January 6 next year.
Detective Senior Sergeant Daren Edwards is due to address the media at 9.30am.
© AAP 2019
Image: Bigstock actual artist not pictured