Former property developer, David Elliott Kennedy, has made his first appearance before the Brisbane Magistrates’ Court following his extradition from the United States of America (USA).

Mr Kennedy, 44, is charged with 11 counts under the Criminal Code (Qld) of dishonestly obtaining a benefit of $728,000 from 12 investors or alternatively 11 counts under the Corporations Act 2001 of dishonest conduct involving a financial service or product. Mr Kennedy also faces one count of carrying on an unlicensed financial services business. These charges were brought following an ASIC investigation.

ASIC alleges that First Foundation Developments Limited and Mr Kennedy offered securities in an unregistered managed investment scheme between October 2002 and April 2003. At the time, the scheme raised approximately $2.2 million from members of the public to allegedly finance various Gold Coast property developments.

Mr Kennedy did not apply for bail and was remanded into custody. The matter returns to court on 28 January 2011.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Background

Mr Kennedy had been incarcerated in the USA on an unrelated matter since July 2005. He completed that sentence on 24 November 2010 and remained in custody in the USA pending handover to Australian authorities.