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13-146MR ASIC charges former company director with fraud
Mr Steven William Hill, 52, of Kelso, New South Wales, has appeared in the Bathurst Magistrates Court charged with 8 counts of fraudulent misappropriation. The charges follow an ASIC investigation.
ASIC alleges that between 5 January 2006 and 6 March 2007, Mr Hill through Hill Stephens & Associates Pty Ltd (HSA) and International Finance Consortium (Aust) Pty Ltd (IFC) dishonestly induced various investors to pay approximately $618,000 to acquire interests in a “house and land” property development located in Queensland.
It is alleged that investors never received the returns promised, and that $431,000 of the invested funds were directed to company bank accounts to make payments to Mr Hill and other third parties.
The court granted Mr Hill bail, which includes a residential requirement and prohibits him from approaching any points of international departure from Australia.
The matter was adjourned for further mention on 26 August 2013.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
ASIC's investigation revealed that Mr Hill met with various investors based in New South Wales and recommended they set up a self-managed superannuation fund for investment in the development of a number of house and land packages located in Queensland.
Editor's note 1:
This matter was mentioned on 26 November 2013 where it was adjourned to 16 December 2013.
Editor's note 2:
The matter was heard in the Bathurst Local Court on 16 December 2013 where Mr Hill was not required to enter a plea. Mr Hill's Lawyer sought a timetable for a section 91 of the Criminal Procedure Act hearing prior to committal, which the court ordered. The matter was adjourned for a further mention on 24 February 2014.
Editor's note 3:
This matter has been adjourned to 3 March 2014.
Editor's note 4:
On 3 March 2014 the matter was adjourned to 10 March 2014.
Editor's note 5:
This matter has been set down for 3 to 4 days starting 3 June 2014 as a special fixture at the Bathurst Local Court.
Editor's note 6:
On 6 June 2014 the matter was adjourned to 21 August 2014.
Editor's note 7:
The committal hearing to be held in the Bathurst Local Court on 21 and 22 August 2014, has been vacated and is now listed on 20 and 21 November 2014 for further hearing.
Editor's note 8:
The new Committal Hearing date for this matter is scheduled for Monday 9 and Tuesday 10 March 2015.