Former director charged with eight counts of fraud
A former financial services director has been charged with eight counts of dishonestly obtaining a financial advantage by deception.
Mark Francis McCabe of Roseville, New South Wales appeared in the Downing Centre Local Court and was charged under s192E of the Crimes Act (NSW).
It was alleged that he dishonestly obtained a financial advantage in the amount of $940,350 from eight people, seven of whom were clients of his companies, Guevara Capital Access Pty Ltd (Deregistered) and Online Trading Capital Pty Ltd (Deregistered).
ASIC stated this may have involved promises to provide clients with access to foreign exchange trading accounts containing large amounts of funds, but instead providing access to demonstration accounts that did not contain any real capital.
This was believed to have taken place between 1 January 2015 and 28 April 2021.
The maximum penalty for dishonestly obtaining financial advantage by deception under the Crimes Act NSW was 10 years imprisonment.
McCabe had previously been charged with one count of dishonestly obtaining property by deception under s192E of the Crimes Act (NSW) which would be withdrawn on 9 May 2023.
In April 2022, ASIC had taken civil action in the Federal Court to restrain McCabe from leaving Australia while the investigation was underway.
The matter was being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.
McCabe was due to appear in court on 9 May 2023 for committal after being granted bail.
AUTHOR
Rhea Nath
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
