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
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
