Business Crime: Director faked investment purposes
Simon Finnigan, formerly a director of three Australian companies, has pleaded guilty to using companies to defraud individuals who thought they were joining investment schemes.
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Finnegan of Potts Point, Sydney, ran three companies, Financial Partners Pty Ltd, Venture Capital Management Pty Ltd, and Biotech Solutions Pty Ltd. and raised funds from nine investors over the period January 2003 and April 2007.
According to ASIC which prepared the case for prosecution by the Commonwealth DPP "Investors were advised by Mr Finnigan that their money would be invested in shares, options, managed funds and property for returns of between 8 and 15 per cent. He then deposited the money into bank accounts he controlled and used the funds for the three companies and his own personal use."
The companies did not hold an Australian Financial Services licence at any material time.
Finnigan has been released on bail pending sentencing on 2 December at which time he faces up to five years jail and/or a fine of up to AUD220,000 on each of the nine charges to which he pleaded guilty.
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