A FORMER bankrupt and pastor-c*m-used car salesman turned Gold Coast businessman will face court this morning as one of four men charged with allegedly fleecing investors around Australia of more than $10 million.

The group was arrested yesterday as police finalised a year-long investigation, codenamed Stopwatch, into the business affairs of the locally-based sports arbitrage betting scheme, WTS (World Trade Systems).

The business entity, which acc ording to the Australian Business Register is the subject of a strike-off action, had been operating from a premises in Currumburra Road at Ashmore and lists Alan Davenport as its sole director.

Mr Davenport is a former bankrupt and was pastor of the Gold Coast-based Reach Out for Christ Pentecostal church.

He was arrested yesterday.

The WTS scheme has been under investigation since January last year after police received complaints about the company from investors across Australia.

Several properties, including the Currumburra Road business premises and the luxury Robina home Mr Davenport shared with his then wife Julie Le Franc, were raided last year as part of the ongoing police investigation.

Following the Robina raid in February, it was reported Ms Le Franc, a Southport-based psychoanalyst, had moved from the home because of death threats.

Ms Le Franc last night told The Bulletin she had nothing to do with Mr Davenport's business and had only been with him for a few months when the raid happened.

Mr Davenport also became embroiled in controversy as a pastor for the Perth branch of the Reach Out for Christ Church, amid claims of financial mismanagement and was also involved in legal wangling over a used car business in the western capital.

The four people arrested yesterday have been conjointly charged with fraud between November 2007 to February 2009.

Police said $10 million invested in the scheme remained unaccounted for.