Former property promoter to face seven fraud counts



A former company director has been ordered to stand trial for seven counts of fraudulent misappropriation following an investigation by the Australian Securities and investments Commission (ASIC) and a committal hearing.
ASIC alleges that between 5 January 2006 and 6 March 2007 Steven William Hill from Kelso, New South Wales, dishonestly induced various investors to pay about $618,000 to acquire interests in a 'house and land' property development in Queensland.
Working through Hill Stephens and Associates, and International Finance Consortium it is alleged that Hill and other third parties received payments of $431,000 of the invested funds from investors that never received promised returns.
The Commonwealth Director of Public Prosecutions is prosecuting the matter that is listed at the Bathurst District Court on 1 May for arraignment for a trial date to be set.
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