Brothers to stand trial on mortgage offences
Promoters of mortgage group Money for Living have been committed to stand trial on a number of charges in relation to their involvement with Money For Living (Aust) Pty Ltd (MFL) and MFL Property Holdings Pty Ltd.
Following an investigation by the Australian Securities and Investments Commission (ASIC), Stephen O’Neill of Albert Park and Gary O’Neill of Elwood in Victoria have been committed to stand trial on a number of charges in relation to their brother’s involvement with MFL and MFL Property Holdings Pty Ltd, both of which have had administrators appointed.
ASIC alleges that Stephen and Gary O’Neill obtained mortgages from a financier totalling almost $1 million dollars by submitting loan applications that failed to disclose the life tenancies attached to the mortgaged properties.
Stephen O’Neill entered a plea of not guilty on four charges of obtaining financial advantage by deception and four charges of dishonest use of a position as an officer of a corporation. Gary O’Neill has reserved his plea in relation to four charges of obtaining financial advantage by deception and seven charges of dishonest use of a position as an officer of a corporation.
Stephen O’Neill and Gary O’Neill were bailed on their own undertaking, to appear in the Melbourne County Court on May 16, 2007. The Commonwealth Director of Public Prosecutions is prosecuting the charges.
MFL and MFLPH were placed into voluntary administration on September 26, 2005, with George Georges and Peter McCluskey of Ferrier Hodgson being appointed as administrators.
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