William John Jones of Blue Haven, NSW, has been charged with two fraud offences, following an ASIC investigation.
ASIC alleges that Mr Jones misappropriated a total of $260,000 that he obtained from two investors for the purposes of share trading, telling the investors he would “provide them with reliable returns of between 12 per cent and 30 per cent per annum”.
The corporate regulator further alleges Mr Jones used the funds for his own personal benefit.
Mr Jones was granted bail on condition of surrendering his passport to ASIC.
Each of the offences carries a maximum penalty of seven years’ jail.
Once again, they let him off too lightly!