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 3 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.

Advertisement
Advertisement

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

PROMOTED CONTENT


judge hammer  x

 

more from the adviser
Sam White 3 Loan Market to move forward with MyCRM

The major brokerage has chosen MyCRM as its broker platform, but ...

ASIC TA ACL obligations issued for debt management firms

ASIC will require debt management firms to hold a credit licence...

handshake 2 NAB exec to head up mutual bank

A member-owned bank has announced that it has appointed a new CEO...

FROM THE WEB