Former director faces 37 criminal charges

by |

A former accountant and director of a company in liquidation, has been committed to stand trial on more than 30 criminal charges.

Following a ten day contested committal hearing in the Melbourne Magistrates Court, Mark Ronald Letten faces 37 criminal charges laid against him in December 2011.

He faces one count of carrying on a financial services business without an AFS licence, 15 counts of obtaining a financial advantage by deception, involving a total amount of approximately $1.4m, and 21 counts of operating unregistered managed investment schemes.

He faces a maximum of five years imprisonment on each of the 21 unregistered scheme charges, two years for carrying on a financial service, and a possible ten years for obtaining financial advantage by deception.

The charges relate to the purchase and development of property in Australia and New Zealand.

Liquidators of the operating unregistered managed investment schemes estimated that in excess of $100m was collected from approximately 1000 investors between the period of 1998 and 2010.

More stories:

Former financial planner sentenced to jail time

Investment director banned from financial services for five years

Adviser sues former employers for millions