ASIC cracks down on Lifestyle
A former employee of the Melbourne based Lifestyle Group, John Lloyd Caust, has pleaded guilty in the Melbourne Magistrates’ court to seven charges of dishonestly using his position to obtain funds from investors.
The charges were brought by theAustralian Securities and Investments Commission(ASIC) following an investigation into the collapse of the Lifestyle Property Group in 2000.
ASIC alleges Caust dishonestly used his position as an employee of various companies within the Lifestyle Property Group to obtain funds that were purportedly to be used to purchase properties for residential development.
A director of the Lifestyle Group, Jon Melville McKenney, has also pleaded guilty to 26 charges relating to his alleged conduct with the Lifestyle Group.
ASIC has previously successfully applied for the appointment of a liquidator to 54 companies within the Lifestyle group.
Both Caust and McKenney have been bailed to appear in the Melbourne County Court on March 4 2002 in relation to the charges.
AUTHOR
George Liondis
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