Director faces multiple charges following ASIC investigation

The charges involve fraud, falsifying company books, and providing false information to members

Director faces multiple charges following ASIC investigation


By Abigail Adriatico

Ian Omar Chester, a former Gold Coast property development company director, has been charged with multiple criminal offences following an investigation conducted by the Australian Securities & Investments Commission (ASIC) into Southeast Queensland property development companies.

Chester was charged with 15 counts of fraud, three counts of falsifying company books and records and two counts of providing false or misleading information to the members of a corporation as he appeared before the Southport Magistrates Court.

The charges were in relation to Chester’s activities with the Vested group of companies where 14 were wound up on 9 July 2021. In the aftermath, a further company was liquidated.

On 13 July 2021, the ASIC took action against Chester and his wife, Sophie Sylvia Chester, to preserve their assets. While the asset preservation orders were made, the proceedings were discontinued in March 2022.

On 25 July 2022, Chester presented a debtor’s petition and was declared bankrupt.

The maximum penalties for fraud range between 14 to 20 years of imprisonment, depending on the circumstances surrounding the criminal offence. For falsification of company books, the maximum penalty is either two years of imprisonment or 100 penalty units or both, while providing false information to members of a corporation can warrant either five years of imprisonment or a $66,000 fine, or both.

The case is being prosecuted by Raelene Sharp KC, the Commonwealth director of public prosecutions.

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