A Brisbane man has pleaded guilty in the Brisbane District Court following an investigation by the Australian Securities and Investments Commission (ASIC) into the operation and promotion of an illegal managed investment scheme.
Brett Tony Best of Middle Park, Brisbane, pleaded guilty to one charge of operating an unregistered managed investment scheme, one charge of dishonestly gaining a financial advantage for himself worth $30,000 and six charges of dishonestly gaining a financial advantage for Arafura Equities Pty Ltd (Arafura), worth $330,000, according to ASIC.
ASIC’s investigation into the scheme — which was operated by Arafura from 2003 and involved the trading of funds on the foreign currency exchange — found that Arafura, Best and promoters induced some 200 clients, primarily located in south-east Queensland, to invest money in the scheme between January 2003 and August 2005.
Best has been remanded in custody until his sentencing on July 24, 2009.
