Former broker and property developer Samuel David Saunders has pleaded not guilty to seven charges brought by ASIC in a hearing in the Sydney Local Court.
The former director of a number of companies, including Mortgage Finance Australia, Australian Synergies Group, Orion Pacific Developments and Rafferty’s Group, is being charged with three counts of obtaining money by false or misleading statements as well as four counts of fraudulent misappropriation of money collected.
The ASIC alleges that during his time as director of Mortgage Finance Australia between July and September 2004 Mr Saunders raised $460,000 from 14 investors for the purpose of investing in property developments but made misleading or deceptive statements to six of the investors in relation to the associated risk and failed to pay eight investors’ capital into a proposed development by Rafferty’s.
If Mr Saunders is found to be guilty he faces substantial jail time with each charge carrying a maximum penalty of five years imprisonment.
The matter returns to court on 2 June 2009.
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