Not guilty plea in gold bullion fraud case
A PROPERTY developer accused of a Cairns gold bullion scam has pleaded not guilty to fraud.
Yehuda Peretz pleaded "not guilty" in Brisbane District Court yesterday.
Mr Peretz is charged with one count of fraud greater that $30,000.
The crown's case against Mr Peretz alleges he conspired with another person, who has fled to Eastern Europe, to take the gold from Howard Rees in 2011.
The court heard that the other person, a woman, had been friends with Mr Rees, who had loaned her the gold bars and sovereign to use as collateral to secure a loan.
The gold was then allegedly traded to a gold dealer for $200,000 of which $170,000 was transferred to Peretz.
The matter is expected to go to trial in the Cairns District Court.