Robert Bassili, a former director of Radisson Maine Property Group (RPMG) and chief executive officer of RAN Holdings International has been sentenced to three years and three months jail.
In May 2007, he was arrested in London and extradited to Australia to face charges laid by the Australian Securities and Investments Commission (ASIC).
Bassili pleaded guilty to one count of dishonest conduct following allegations by ASIC that he failed to invest $200,000 that he received from investors. He was sentenced in the Sydney District Court.
Bassili was provided $200,000 by two investors to invest in Green Pacific Energy, a de-listed company that was expected to re-list on the Australian Stock Exchange, but never bought and transferred the shares.
He also pleaded guilty to two counts of failing to account for $105,000 raised from two investors for the purpose of buying property in Victoria.
ASIC alleged that Bassili marketed house and land packages via RPMG and encouraged an investor to enter in a joint venture in Sanctuary Lakes. The investor deposited $60,000 into an RPMG account, but the property was not purchased. A second investor deposited $45,000 with Bassili towards a house and land package. The property was not purchased and the funds were not returned.
Bassili has been held in custody since his arrest in London. His sentence has been backdated to the date of his arrest, and he will serve a further nine months in prison.
He will be eligible for release in May 2009.
