Broker to face court over $12 million deception

by Julia Corderoy27 May 2015
A former Adelaide mortgage broker will face court again later this year, charged with 12 counts of deception totaling $12 million. 

Following an ASIC investigation Michael Samra will return to court in July after facing Adelaide Magistrates Court on 22 May 2015, charged with his involvement in running a Ponzi scheme which promised investors high returns on the investment – some up to 30-48% a year.

ASIC claims Samra induced investors to loan his company, ALC Group Pty Ltd, money on the basis that it would be on-lent to unnamed builders or property developers on a short term basis. Approximately $66 million came into the ALC bank account over a seven month period with the majority of funds paid out to investors.

The charges follow the collapse of Norwood-based ALC Group in 2009, owing liabilities of approximately $40 million.

Samra was not required to enter a plea and was released on bail until the matter returns to court on 28 July 2015. The Commonwealth Director of Public Prosecutions is prosecuting the matter.