Businessman pleads guilty to $260,000 fraud

by |
A New South Wales businessman who stole investors’ money to the tune of $260,000 has plead guilty to two counts of fraudulent misappropriation in a courthouse in Sydney.

William Jones obtained the money from two investors in 2006 with the purpose of share trading.

ASIC alleged that Jones told the investors that he had set up a safe share trading investment scheme that would provide them with reliable returns of between 12-30% per annum.

Instead, he used the funds for his own personal benefit.

Each of the NSW Crimes Act offences carries a maximum penalty of seven years imprisonment.

Jones’ bail has been extended and he will next appear at Sydney District Court on 2 May for a sentencing hearing.

In another ASIC victory, an investigation has led to a Victoria man facing 24 charges of obtaining financial advantage by deception, 10 charges of false accounting and 1 charge of dishonest use of position as a director.

ASIC's investigation followed the collapse of the S Central Group of companies, which provided information technology services to customers in Victoria, New South Wales and Queensland.

Peter Mavridis, who was the CEO of the S Central Group, is accused of either directly or through his financial controller, submitting, duplicating and falsely inflating invoices to National Australia Bank (NAB) in order to secure credit in excess of $3 million for companies within the group.

ASIC also alleges that Mavridis falsified other documents that were required by NAB in support of the false invoices that were submitted.

Furthermore, he has been charged with dishonestly using his position as a director by allegedly using $20,000, held on trust for the NAB, to clear a personal credit card debt.

ASIC alleges the offences took place between January and October 2009. The S Central Group ceased trading in October 2009, with liquidators appointed to various companies within the group.

The matter was adjourned until 10 June 2014. 


Rogue portfolio manager’s guilty plea follows global investigation 

Former Vanguard portfolio manager faces court on 63 counts of misusing his position

Melbourne man guilty of $1 million fraud