A man has been arrested by Fraud and Cybercrime Squad detectives following a protracted investigation into artwork investment fraud.

Strike Force Glasson was established in early 2009 to investigate dealings relating to a number of art galleries in Sydney’s north-west following complaints of alleged investment fraud.

Police will allege numerous valuable artworks were sold to investors, with many of those investors unaware that the pieces they had purchased had also been on-sold to others, or were already the property of others.

It will be alleged more than 40 investors incurred financial losses in excess of $8 million.

During the course of the investigation, more than 400 paintings were seized by police with extensive inquiries conducted to determine the legitimate ownership of those paintings.

About 10am today (Monday 16 January 2012), a 64-year-old Ettalong man was arrested at Gosford Police Station.

He has been charged with 77 counts of Larceny as a Bailee and 10 counts of Director Cheat and Defraud.

He is due to appear at Gosford Local Court today.

Inquiries by detectives under Strike Force Glasson are continuing.