A former Sydney-based financial adviser yesterday faced a Sydney court charged with fraud following an investigation by the Australian Securities and Investments Commission.
James Patrick Hobson, employed by Binma Pty Ltd trading as Noall & Co, was charged with four counts of fraudulent misappropriation of a valuable security.
It is alleged that between March and August 2008, Hobson misappropriated $307,000 and attempted to misappropriate $120,000 of client funds while working for Noall & Co.
In each instance, it is alleged Hobson advised clients to invest in international shares via a product called Skandia. It is alleged that Hobson did not invest these funds on behalf of the clients as per their instructions, but instead used the money for his own personal use.
The matter will return to court on 10 January 2012.
Hobson was granted conditional bail.
