A former director has been charged with 23 criminal counts including making false and misleading statements and fraudulently misappropriating money, following an ASIC investigation.
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.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 17 Aug 2017Industry questions ATO’s capacity for new reportingBy Miranda Brownlee
- 17 Aug 2017Qld succession law changes tipped to impact SMSFsBy Miranda Brownlee
- 16 Aug 2017Contribution limits restricting future balances, warns mid-tierBy Staff Reporter
- 16 Aug 2017SMSF firms underprepared for events-based reportingBy Miranda Brownlee
- 15 Aug 2017SMSF auditor disqualified for misconductBy Staff Reporter
- 15 Aug 2017Class gains market share in financial year resultsBy Staff Reporter
- view all
- Industry questions ATO’s capacity for new reporting
With events-based reporting set to generate huge amounts of data, concerns have been raised about whether the ATO’s systems will be able t...read more
- Contribution limits restricting future balances, warns mid-tier
Clients hoping to accumulate a superannuation balance of $1.6 million by age 65 will need to start taking full advantage of concessional con...read more
- SMSF firms underprepared for events-based reporting
A straw poll has revealed that the majority of SMSF firms currently feel their firm is not equipped to deal with the proposed events-based r...read more
- view all