A NSW Central Coast businessman has been charged with fraud after misappropriating $260,000 in investor funds.
William John Jones was charged with two fraud offences dating back to 2006, following a lengthy Australian Securities and Investment Commission (ASIC) investigation.
ASIC says the 61-year-old, from Blue Haven, told investors he had set up a safe share scheme that would deliver returns of between 12 and 30 per cent per annum.
However, he instead pocketed the investments totaling $260,000, according to ASIC.
Jones, who has not yet entered a plea, was granted bail on the condition he surrender his passport to ASIC. He will reappear before the Director of Public Prosecutions on 18 March 2014.
Each offence carries a maximum penalty of seven years in prison.
