Detectives from the Serious and Organised Financial Crime Investigation Section arrested a 51-year-old man from Fitzroy today for 20 counts of theft.
The offences were committed between 2018 and 2019 and involved numerous victims from South Australia and overseas totalling $5,569,575.
It will be alleged the man committed the thefts by obtaining money from the victims which was to be used for various high profile Adelaide events.
The man was bailed to appear in the Adelaide Magistrates Court on 12 August.
Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation and further charges may be laid.
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