NSW SMSF advisor, Steven Williamson, has appeared in the Bathurst Magistrates Court charged with eight counts of fraudulent misappropriation following an ASIC investigation.
ASIC alleges that between January 5, 2006 and March 6, 2007, 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 Hill and other third parties.
ASIC's investigation revealed that Hill met with various investors based in NSW and recommended they set up a SMSF fund for investment in the development of a number of house and land packages located in Queensland.
The court granted 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.