NSW planner to face 10 fraud charges
A NSW financial planner has been committed to stand trial on 10 counts of fraud.
Mohammad Zareei, who was charged following an investigation by the Australian Securities and Investments Commission (ASIC), will appear before the NSW District Court on September 29.
Zareei, who was employed by Progressive Investment, has been charged with unlawfully providing financial services and inducing people to deal in securities.
Zareei has also been charged with two counts of creating false documents regarding an application for finance and an interest pre-payment application. Both applications were submitted to Macquarie Bank.
Zareei will also face seven counts of obtaining a financial advantage by using false statements under the NSW Crimes Act.
It is alleged that Zareei unlawfully provided financial services to a number of investors who were allegedly enticed into investing in securities through the use of Macquarie Bank Margin Lending.
The investors, many of whom lived in Sydney’s southern and western suburbs, were required to enter into agreements with Macquarie Bank for up to $300,000 in margin loans on each product. Many of these loans are now in default.
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