Powered by MOMENTUM MEDIA
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.

Former mortgage broker pleads guilty to deception

banned

banned
Francesca Krakue 1 minute read

A former mortgage broker has pleaded guilty to six charges of deception in the Adelaide District Court totalling $1.9 million.

The charges relate to allegations between 13 January 2009 and 30 July 2009, Michael Samra, a former mortgage broker, that deceived investors into lending money to him and his company, ALC Group Pty Ltd.

According to ASIC, Mr Samra told investors that their money would be on-lent to builders and property developers, when in fact the monies were paid substantially to other investors as repayments of interest and principal.

Mr Samra pleaded guilty on 30 March 2017. His bail was revoked and he was remanded in custody. The matter will return to court on 11 May 2017 for sentencing submissions.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

The Norwood-based ALC Group Pty Ltd, collapsed in 2009 with liabilities of approximately $40 million.

ASIC investigations found that approximately $66 million came into the ALC Group Pty Ltd bank account over a seven-month period with the majority of funds paid to investors.

Twelve charges were laid in 2015 for 12 counts of deception totalling over $12 million. Mr Samra has pleaded guilty to six charges and the remaining six charges have been discontinued.

Advertisement
Advertisement

PROMOTED FEATURES


Former mortgage broker pleads guilty to deception
banned
TheAdviser logo
banned

 

more from the adviser
remuneration money Conflicted remuneration defined in new regulations

The federal government has released final regulations that define...

empty wallet COVID-19 erodes FHB deposit savings: MyState

Nearly a quarter of those Australians who have dipped into their ...

signatories f6bb COBA welcomes closer ties between regulators

The association for customer-owned banks has said that the MOU be...

FROM THE WEB