Powered by MOMENTUM MEDIA
Broker Daily logo

Former company director to stand trial

A NSW man will stand trial for fraud following an ASIC investigation that found the former company director had advised investors to set up SMSFs for property investment.

Following a recent committal hearing in Bathurst Local Court, Steven William Hill of Kelso, NSW will stand trial on seven counts of fraudulent misappropriation.

ASIC alleges that between 5 January 2006 and 6 March 2007, Mr Hill through Hill Stephens & Associates Pty Ltd and International Finance Consortium (Aust) Pty Ltd dishonestly induced various investors to pay approximately $618,000 to acquire interests in a house and land property development located in Queensland.

It is alleged that investors never received the returns promised, and that $431,000 of the invested funds were directed to company bank accounts to make payments to Mr Hill and other third parties.

==
==

ASIC's investigation revealed that Mr Hill met with various NSW-based investors and recommended they set up a self-managed superannuation fund for investment in the development of a number of house and land packages in Queensland.

The matter is next listed at the Bathurst District Court on 1 May 2015 for arraignment and for a trial date to be set.

More on Economy
21 November 2024
After witnessing some positive trends in the offset of COVID-19, business failures across the country have picked up ...
21 November 2024
With GDP growth at just 0.2 per cent as of the June quarter of 2024, small and medium-sized enterprises (SMEs) are ...
20 November 2024
The RBA minutes for the November meeting revealed that members recognised the importance of flexibility in monetary ...