A fraudster who conned his family members out of more than $2m in a shocking scam went on a spending spree – including at strip clubs.

A Victorian fraudster scammed family and friends out of more than $2.7m and splashed the cash at Kmart, Gucci and strip clubs.

Matthew Waij, also known as Matthew Way, was jailed for eight years and four months after pleading guilty to 16 charges of financial advantage by deception and other offences in the County Court of Victoria on Wednesday.

“Some of your victims were not unsophisticated in matters of business and investment but they were nevertheless easy prey to your appallingly dishonest conduct, and some of your other victims were quite vulnerable,” Judge Douglas Trapnell said.

The judge labelled the scam a “Ponzi scheme” and the victims suffered greatly, with some losing their life savings.

The 39-year-old fraudster posed as a financial adviser and stock broker to scam family, friends and acquaintances between 2006 and 2017.

Waij claimed he was a stockbroker and financial adviser to 18 victims despite being unlicensed and flunking out of his commerce degree because he was failing, the court was told.

The fraudster convinced his victims to invest their superannuation and savings with him and told them he would use the cash to buy shares, which was a better investment.

Instead of investing the money, Waij spent it at a Sydney strip club, splashed more than $3705 at Gucci as well as smaller purchases at Kmart and JB Hi-Fi….

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