Ex-broker sentenced to jail

by AB10 Aug 2017
Following an investigation, Michael Samra, a former mortgage broker, has today been sentenced in the Adelaide District Court to eight years and nine months imprisonment, with a minimum of four years and six months to be served before becoming eligible for parole.

ASIC alleged that between 1 January 2009 and 31 July 2009, Samra through ALC Group deceived investors to lend money to be on-lent to builders and property developers, when in fact the monies were not on-lent and dishonestly benefited the ALC Group or another party.

Samra pleaded guilty to six charges of deception totalling $1.902m.

ASIC deputy chairman, Peter Kell said, "This is a significant penalty reflecting the seriousness of the criminal conduct. ASIC will continue to investigate where investors are deceived and refer criminal conduct to the CDPP for prosecution."

Mr Samra has 21 days to appeal his sentence.

Background

ASIC's alleged Samra induced investors to loan his company, ALC Group, money on the basis that it would be on-lent to unnamed builders or property developers on a short term basis.

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

ASIC investigations found that approximately $66m came into the ALC Group 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 $12m. Samra has pleaded guilty to six charges and the remaining six charges have been entered to the court as discontinued.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

COMMENTS

  • by Honest Broker 10/08/2017 3:11:46 PM

    Good. Good. Good. Let him rot

  • by Regional Broker 10/08/2017 4:06:34 PM

    At last some a decent that fits the offence , this bloke ruined lives , hopefully this will act as a deterrent to other scumbags who are contemplating this. The only upsetting thing is he was described as a mortgage broker , not true he is an out and out conman!

  • by Rosie S 10/08/2017 7:31:33 PM

    The man tried to savage monies. Sadly, it didn't happen. He's not scum. Let him rot in jail?
    This is my brother...shame on you for you're disgusting comments....