The Australian Securities and Investments Commission (ASIC) has laid 21 charges against Melbourne-based property developer Mark Stanley.
The regulator alleges that Stanley stole over $3 million from 26 investors who believed he was using the funds to purchase land from the Primelife Corporation in Berwick, Victoria.
Once the sale had been finalised, investors believed the land would then be used for a retirement village development in conjunction with Primelife.
The sale of the land to Stanley, and the joint venture with Primelife, did not proceed.
Stanley has also been charged with one count of dishonest conduct with respect to the carrying on of a financial services business.
According to ASIC, Stanley knowingly made misrepresentations, and provided false documentation to support these, in his dealings with Primelife.
The latest charges against Stanley follow action by ASIC earlier this year.
Stanley has also been accused of stealing funds of over $400,000 from St Leonards Property, a development company based in Crows Nest, Sydney, where he acted as a director.
The case is being heard by the Commonwealth Director of Public Prosecutions, and has been adjourned till February 2006.
