Fraud charges for Central Coast businessman
A NSW Central Coast businessman has been charged with fraud after misappropriating $260,000 in investor funds.
William John Jones was charged with two fraud offences dating back to 2006, following a lengthy Australian Securities and Investment Commission (ASIC) investigation.
ASIC says the 61-year-old, from Blue Haven, told investors he had set up a safe share scheme that would deliver returns of between 12 and 30 per cent per annum.
However, he instead pocketed the investments totaling $260,000, according to ASIC.
Jones, who has not yet entered a plea, was granted bail on the condition he surrender his passport to ASIC. He will reappear before the Director of Public Prosecutions on 18 March 2014.
Each offence carries a maximum penalty of seven years in prison.
Recommended for you
Marking off its first year of operation, Perth-based advice firm Leeuwin Wealth is now looking to strengthen its position in the WA market, targeting organic growth and a strong regional presence.
Financial services software firm Iress has unveiled a new business efficiency program with the aim of permanently lifting its profit margin as the business enters a leaner, growth-focused phase.
AUSIEX has revealed the top traded stocks for October, noting significant jumps in advised investor trading, while ETFs also reported higher activity.
The Financial Advice Association Australia has implored advisers to reevaluate their exposure to AML/CTF obligations ahead of new reforms that will expand their compliance requirements significantly.
