Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Broker faces court for alleged $12m fraud

judge hammer  x judge hammer  x
Reporter 1 minute read

A mortgage broker has appeared in court after ASIC alleged he operated a Ponzi scheme.

Michael Samra faced Adelaide Magistrates Court last Friday charged with 12 counts of deception, totalling $12 million, according to ASIC.

The regulator alleges Mr Samra operated a Ponzi scheme with promises of high returns on the investment, some up to 30-48 per cent a year.

It also alleges Mr Samra induced investors to lend his company, ALC Group, money on the basis that it would be on-lent to unnamed builders or property developers on a short-term basis.

About $66 million came into the ALC bank account over a seven-month period, with the majority of funds paid out to investors, according to ASIC.

The charges follow the collapse of Norwood-based ALC Group in 2009 owing liabilities of approximately $40 million, ASIC said.

Mr Samra, who was not required to enter a plea, was released on bail and the matter will return to court on 28 July.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Broker faces court for alleged $12m fraud
judge hammer  x
TheAdviser logo
judge hammer  x

 

more from the adviser
uptick graph Broker channel at new high for Dec quarter

The broker channel has recorded its highest ever market share res...

Bruce Billson New ASBFEO appointed

A former small business minister has been appointed as the new...

digital home ta New non-bank lender set to enter broker channel

Mortgage Street is set to relaunch into market as a new non-bank ...

FROM THE WEB