THE LAUREL SPRINGS INVESTIGATION
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THE LAUREL SPRINGS RETIREMENT VILLAGE
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FINANCIAL INVESTIGATION
DETAILS OF FINDINGS
Details of Findings
17. Defrauded residents who bought new unit - false information in Village Comparison Document
18. Defrauded residents who bought new unit - structure unfit for purpose, and unconscionable exit terms
19. Deceived residents - renaming of Village to Resort

17. Defrauded residents who bought new unit - false information in Village Comparison Document

The scheme operators defrauded the two elderly residents who bought the lease for a new unit in an extension to the village, by knowingly including the false information, referred to on page 14, in the Village Comparison Document for Laurel Springs.

17.1 False information in VCD - no Increases in GSF and MRF

17.1.1 In the VCD given to the residents who bought the new unit, the scheme operators falsely stated that there had been no increase in Maintenance Reserve Fund contribution from 2016-2017 to 2017-2018, and also falsely stated that there had been no increase in General Service fees (GSF) from 2017-2018 to 2018-2019:

Evidence Document D6.17 - 01

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17.2 The lease

17.2.1 The two elderly residents bought the lease for unit 39B for $325,000, with a commecement date of 24 January 2020:

Evidence Document D6.17 - 02

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