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with one count of dishonestly obtaining property by deception under s192E of the Crimes Act (NSW) which would be withdrawn on 9 May 2023.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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
