ASIC investigation leads to charges
The former director of BRG Corporation, Gregory Nathan, has appeared in court on charges of dishonest acts in relation to his time managing an unregistered managed investment scheme.
The Sydney man faces 10 charges under the Corporations Act for acting dishonestly while managing the BRG Australian Equities Fund between September 2004 and September 2006, and a further 10 charges for using false and misleading statements in order to obtain money.
The charges were brought by the Australian Securities and Investments Commission (ASIC), which alleged Nathan sent investors falsified reports stating his fund was generating positive results, and that the fund had over $22 million under management.
According to ASIC, BRG entered into voluntary administration on October 10, 2006, owing investors approximately $4 million.
The matter is due to return to Downing Centre Local Court on December 18, 2007.
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