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An ASIC investigation has seen a former company director ordered to stand trial on fraud charges after the regulator found he recommended investors set up SMSFs for property investment purposes.
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Former company director charged with fraud
12 March 2015
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Following a recent committal hearing in Bathurst local court, Steven William Hill was commited to stand trial on seven counts of fraudulent misappropriation, ASIC stated.
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 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 said.
The matter is next listed at the Bathurst district court on 1 May 2015 for arraignment and for a trial date to be set.
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