Detectives from the Serious and Organised Financial Crime Investigation Section have arrested an 81-year-old Fleurieu Peninsula man for four counts of aggravated deception totalling approximately $130,000.

It will be alleged that the man committed the deceptions in his employment as a financial planner. The offences were committed between 2014 and 2017 and involved three elderly victims.

Police will allege the victims were deceived into providing money to the man for non-existent investment products for their retirement, however there was no investment made and the man used the money for other purposes.

None of the money has been recovered.

Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation to ascertain whether there are any further victims or offences against the man.

He was bailed to appear in the Christies Beach Magistrates Court on 7 December.

South Australia Police urge the community to be vigilant with their finances and be mindful of the following:

* Be wary of online advertisements offering investment opportunities.  Scammers also use social media platforms to lure potential victims and direct them to fraudulent websites.

* Be suspicious of individuals who tell you that you must act now.  You should always have time to make an informed decision on a legitimate investment opportunity.

* Ensure any financial advisor holds an Australian Financial Services license and provides correct documentation when investing money with them.

For further information on scams affecting South Australians, please visit www.police.sa.gov.au/scams