ASIC nabs alleged fraudster
A Gold Coast man who allegedly defrauded investors in a property unit trust of $2 million was charged with eight counts of fraud in the Southport Magistrates Court yesterday.
Robert Norman Dale, 50, is charged with “dishonestly inducing” investors between July and November 2004 to pay $2 million to acquire units in the Water at Wooyung Unit Trust, of which he was a director at the time.
The Australian Securitiesand InvestmentsCommission alleged that the investors never received the units in the trust and that the $2 million was not applied by Water at Wooyung for the purposes of developing the Wooyung property.
The court granted Dale bail after adjourning the matter until December 4.
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