Harts boss arrested on fraud charges
The founder and executive chairman of financial services group Harts Australasia, Steve Hart, faced the Brisbane Magistrates Court charged with 11 tax-related fraud offences this morning.
According to a Harts spokesperson the court appearance follows a night spent in custody by Hart after he was arrested overnight following a Federal Police investigation.
Hart was given bail until 2.15pm today and is due to face court again later today.
Hart is charged with one count of organised fraud, one count of defrauding the Commonwealth and the Australian Taxation Office, six counts of forgery and three counts of false pretences.
At this morning’s hearing, the Brisbane court heard that Hart has been under investigation for four years, with his company placed into provisional liquidation earlier this week after the Australian Securities and Investments Commission (ASIC) applied to have the group wound up.
Hart has also surrendered his passport to his solicitors as surety he will not exit the country however his solictor, Peter Nolan told the court that if Hart was likely to leave the country he would have already done so.
Nolan also told the court Hart needed to be able to fly overseas to Hong Kong and New Zealand but would give two weeks notice to authorities and would provide a return airfare and tell them where he would be staying.
Outside the court, Nolan would not make further comments citing that Hart’s legal advisers had yet to receive a full outline of the charge.
Recommended for you
Wealth managers have said they are experiencing difficulties in aligning their company’s in-house views with the ever-increasing needs of clients, according to MSCI.
The financial advice industry is experiencing a “champagne problem” regarding pricing, with advice firms seeing no need to cut their prices to remain competitive.
Marking a decade offering managed accounts in Australia, BlackRock has elaborated on the changes it has seen in their usage by financial advisers, with net client flows rising from 4 per cent to 25 per cent.
AZ NGA’s CEO has unpacked how its recent $345 million debt facility from Barings will accelerate its advice network’s growth ambitions, and allow its largest firms to access a greater source of funding.
