Nicholas James Ellis appeared before the Downing Centre Local Court and was charged with 12 counts of making false and misleading statements and nine counts of fraudulently misappropriating money, according to an ASIC statement released this afternoon.
In addition he was also charged with one count of fraud and one count of obtaining a financial benefit by deception.
ASIC alleged in a public statement that between March 2009 and June 2010, Mr Ellis, director of Tura Pty Ltd, currently in liquidation, “made false or misleading statements to investors and then fraudulently misappropriated approximately $857,000 of investor funds”.
The matter has been listed for mention on 22 March 2016, according to ASIC.
ASIC also alleges that Mr Ellis advised a number of his clients to set up SMSFs through his financial planning business 2020 Financial Solutions Pty Ltd.
“Between March 2009 and June 2010, ASIC alleges that Mr Ellis then made false and misleading statements in relation to an investment in a hotel at Tura, New South Wales, in order to raise funds from the SMSFs,” ASIC also said.
“ASIC alleges Mr Ellis then fraudulently misappropriated approximately $857,000 of investor money for his own benefit, including towards purchasing a $3,077,500 home in Manly.”
ASIC also alleged that approximately $250,546 of the misappropriated investor funds were used to pay out investors in a previous investment run by Mr Ellis which had failed.
[quote name=”Charlie3″]Other then the headline for this article, there is no mention that Mr Ellis was an accountant. There is mention of a financial planning business. was he giving the advice as an accountant or is it just an incorrect headline – was he a member of any accounting professional association? or just called himself “an accountant”. Lets have all the facts[/quote]
@ charlie, still a practicing accountant.
Google would have told you that..
Not a practicing adviser, has been struck off by ASIC but still allowed to be an accountant…
However i don’t see how it even matters they are criminal charges…
Other then the headline for this article, there is no mention that Mr Ellis was an accountant. There is mention of a financial planning business. was he giving the advice as an accountant or is it just an incorrect headline – was he a member of any accounting professional association? or just called himself “an accountant”. Lets have all the facts
Not another dodgy accountant!!! When will this end??? Are they all just a bunch of unethical number crunchers and scorekeepers???