Usman Siddiqui, the sole director of Equitable Financial Solutions, has appeared in the Downing Centre Local Court, facing charges related to breaches of director duties, ASIC reported.
Siddiqui has been charged with four counts of dishonestly exploiting his position as a director at Equitable Financial Solutions, allegedly diverting $1.75 million of company funds for personal gain.
ASIC accused Equitable Financial Solutions and other entities overseen by Siddiqui of falsely representing that he provided Sharia-compliant investment and lending services to members of the Australian Muslim community.
Siddiqui was arrested by NSW Police on Nov. 2, after he was charged by ASIC for contravening section 184(2)(a) of the Corporations Act 2001. He was granted bail on that same day of his arrest with conditions preventing him from leaving Australia.
The Commonwealth director of public prosecutions is prosecuting the case following ASIC’s referral. The matter is scheduled for a further mention in the Downing Centre Local Court on Feb. 20.
ASIC said the maximum penalty for an offense under section 184(2) of the Corporations Act is 15 years' imprisonment.
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