Property mentor faces fraud charges
Former Brisbane company director and ‘property mentor’, Andrew Carr has been charged with 12 counts of fraud following an investigation by ASIC.
According to the Australian Securities and Investments Commission, Carr allegedly obtained $2,314,500 by inviting investors, who had already paid money to be part of his mentoring program, to loan funds for the construction of a 26-unit complex in Clontarf.
Carr promised investors a return of their funds and a free unit on completion of the project or a substantial discount off the purchase price.
ASIC alleges Carr used this money mainly for the benefit of his company, Baynoosa, and not for the construction of the complex.
ASIC commenced an investigation into Carr and his companies following the receipt of numerous complaints.
Carr was not required to enter a plea and was placed on bail of his own undertaking, with the matter to return to court on July 25, 2008, to be prosecuted by the Commonwealth Director of Public Prosecutions.
AUTHOR
George Liondis
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