A NSW man will stand trial for fraud following an ASIC investigation that found the former company director had advised investors to set up SMSFs for property investment.
Following a recent committal hearing in Bathurst Local Court, Steven William Hill of Kelso, NSW will stand trial on seven counts of fraudulent misappropriation.
ASIC alleges that between 5 January 2006 and 6 March 2007, Mr Hill through Hill Stephens & Associates Pty Ltd and International Finance Consortium (Aust) Pty Ltd dishonestly induced various investors to pay approximately $618,000 to acquire interests in a house and land property development located in Queensland.
It is alleged that investors never received the returns promised, and that $431,000 of the invested funds were directed to company bank accounts to make payments to Mr Hill and other third parties.
ASIC's investigation revealed that Mr Hill met with various NSW-based investors and recommended they set up a self-managed superannuation fund for investment in the development of a number of house and land packages in Queensland.
The matter is next listed at the Bathurst District Court on 1 May 2015 for arraignment and for a trial date to be set.