Businessman charged with fraud
Nebojsa Jovicic, of Queensland, has appeared in court charged with 12 counts of fraud, following an investigation by the Australian Securities and InvestmentsCommission (ASIC) into the liquidated companies Perpetual Acquisitions and Robina Properties.
ASIC alleges that between December 1, 2005, and May 22, 2006, Jovicic raised $1 million from 12 investors in Brisbane and the Gold Coast, promising them returns as high as 50 per cent per annum.
ASIC believes that some of the money raised was used fraudulently, and investors suffered substantial losses from the investments made by Jovicic on their behalf. He invested in units at Mount Panorama Resort, New South Wales, and other property developments.
Jovicic was granted bail, on condition that he not leave Australia without the written consent of the Commonwealth Director of Public Prosecutions (CDPP), and that he continue to reside at his current home and report to Broadbeach police every month.
The CDPP is prosecuting the case.
AUTHOR
Benjamin Levy
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