In a statement yesterday, the corporate regulator said Gabriel Nakhl, former financial adviser of the now liquidated Australian Financial Services Limited, appeared in the Local Court of New South Wales this week.
ASIC alleges that Mr Nakhl knowingly engaged in dishonest conduct in relation to twelve investors by: misleading them about the investments he would make on their behalf and on behalf of their self-managed superannuation funds; using money provided to him by investors for purposes other than those he said he would use it for; telling investors that their investments were performing well when this was not the case; and attempting to cover-up and conceal his wrongdoing.
The alleged conduct occurred between March 2009 and March 2011 while Mr Nakhl was an authorised representative of Australian Financial Services Limited, and from about March 2011 to about September 2013, while he was the sole director of SydFA Pty Ltd, which is also now in liquidation, ASIC said.
The charges were brought against Mr Nakhl following an ASIC investigation.
Mr Nakhl did not enter a plea but asked for an adjournment to obtain legal advice, ASIC said.
The matter was stood over until 11 October 2016.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
