Businessman charged with fraud
Nebojsa Jovicic, of Queensland, has appeared in court charged with 12 counts of fraud, following an investigation by the Australian Securities and InvestmentsCommission (ASIC) into the liquidated companies Perpetual Acquisitions and Robina Properties.
ASIC alleges that between December 1, 2005, and May 22, 2006, Jovicic raised $1 million from 12 investors in Brisbane and the Gold Coast, promising them returns as high as 50 per cent per annum.
ASIC believes that some of the money raised was used fraudulently, and investors suffered substantial losses from the investments made by Jovicic on their behalf. He invested in units at Mount Panorama Resort, New South Wales, and other property developments.
Jovicic was granted bail, on condition that he not leave Australia without the written consent of the Commonwealth Director of Public Prosecutions (CDPP), and that he continue to reside at his current home and report to Broadbeach police every month.
The CDPP is prosecuting the case.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
