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.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
