The Australian Securities and Investments Commission (ASIC) has had another win after successfully taking claims to the Supreme Court against the operator of a failed solicitor’s mortgage fund that swindled $1.5 million out of investors between 1996 and 1998.
Appearing before the Court on Friday, Haydn James Dodge of Sorell in Tasmania pleaded guilty to three counts of conspiracy to defraud investors and one count of dishonestly acquiring financial advantage.
The claims against Dodge pertain to his involvement in mortgage funds operated by the Hobart based law firms Lewis Driscoll & Bull and McCulloch & McCulloch.
Because his guilty plea, Dodge escaped prosecution from 38 counts of fraudulent conduct arising from the investigation conducted by the regulator, with ASIC deeming that two of the conspiracy charges Dodge conceded to covered off all the relevant dishonest conduct charges.
Also under investigation was Dodge’s partner in the scheme, former Hobart solicitor Thomas Peter Baron. The charges against Baron have not been discontinued.
Dodge and Baron were involved in a company – Dessipur Pty Ltd – through which they knowingly obtained more than $900,000 from the mortgage fund for the purpose of defrauding investors.
The charges followed an investigation by ASIC into the affairs of Dessipur which has also led to the uncovering of two failed sub-divisions known as Pennington Drive and Dubbs and Co Drive.
Dodge will remain in custody until his sentencing on December 20.
