Mr Steven Avgouladakis, of Altona North, Victoria, has pleaded guilty in the Melbourne Magistrates’ Court to 29 charges relating to obtaining property by deception and obtaining a financial advantage by deception following an ASIC investigation.

Mr Avgouladakis, 42, raised over $1.6 million from investors between July 2008 and May 2009. Despite promising to invest the investors’ money on the stockmarket, ASIC’s investigation revealed that Mr Avgouladakis used the funds for purposes other than trading.

ASIC’s action against Mr Avgouladakis is consistent with its focus on making investors aware of misleading and deceptive conduct, and deterring illegal behaviour.

Mr Avgouladakis was remanded in custody to appear in the Melbourne County Court for a pre-sentence hearing on 21 October 2011.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.