Queenslander charged over $270,000 swindle
A Queensland man, who allegedly operated a high-yield investment scheme and used it to dishonestly obtain $270,000, has appeared in court on seven charges brought by the Australian Securities and Investments Commission (ASIC).
ASIC alleged Shane William Hoy of Kuraby in Queensland, through his company BG Investments International, invited investors to deposit between $10,000 and $100,000 into various company and personal bank accounts. He allegedly promised their funds would be deposited into a fixed term deposit account with a balance of US$10 million or more, yielding returns of at least 10 per cent per month. The regulator claims Hoy then used this money for his own purposes.
In addition, ASIC has alleged Hoy sold shares to an investor in his company Biograd Filters and then transferred the proceeds of $13,000 to a third party account which he used for his own purposes.
ASIC also claims Hoy carried on a financial services business without holding an Australian Financial Services Licence (AFSL) and made false statements during an examination conducted by ASIC officers.
The seven charges follow orders ASIC obtained from the Supreme Court of Queensland in April this year, which permanently restrained Hoy and three other Kuraby residents, Victor Lynas, James Lynas and Christine Lynas, from making statements or disseminating information concerning private placement programs, bank guarantees, bank debentures or any other financial products.
The court orders also prevented Hoy from making any offers to sell shares in Biograd Filters and prevented him from operating any financial services business without first obtaining an AFSL.
The court further ordered Hoy’s companies BG Investments International, Pathlawn, Biograd Filters and Biograd Developments be wound up and a liquidator be appointed over them.
Hoy was not required to enter a plea in regards to the seven new charges and was granted bail. He surrendered his passport to the Supreme Court of Queensland in April 2005.
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