An unlicensed financial adviser who raised more than $1million from three elderly investors in Sydney and Newcastle has been committed to stand trial after an investigation by the Australian Securities and Investments Commission (ASIC).

Mr Donald Richard Maxwell, of Busby in New South Wales, was yesterday ordered by the Downing Centre Local Court in Sydney to stand trial in the District Court at Sydney on a charge brought by ASIC.

It is alleged Mr Maxwell carried on a financial services business, namely Business Express Success Techniques, without an Australian financial services licence.

It is alleged that between June 2002 and June 2003, Mr Maxwell operated the business and raised $1.1million through this business from three elderly investors in relation to property developments.

The property developments consisted of residential apartment blocks around New South Wales, including in Five Dock, Waitara and Gosford.

The development companies, including Central Development Group Pty Ltd and Oceanwalk Projects Pty Ltd, were later placed into liquidation. The investors have not recovered their funds.

The matter has been adjourned to 28 October 2005.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.