Home Mortgage Former director pleads responsible to dishonest conduct and misuse of place

Former director pleads responsible to dishonest conduct and misuse of place

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Former director pleads responsible to dishonest conduct and misuse of place

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A Melbourne property developer has pleaded responsible to 2 counts of dishonest conduct and two counts of misuse of his place as a director.

Mudasir Mohammed Naseeruddin, former director of Safe Investments and Aquila Group, urged buyers to roll over their superannuation monies into newly created self-managed superannuation funds and lend these to his two corporations, ASIC reported.

Naseeruddin dishonestly acquired greater than $520,000 from six buyers between Might 13, 2015, and Jan. 6, 2020, on the grounds that the funds could be invested in property developments. Nonetheless, solely a small portion of the funds was invested on this method.

Naseeruddin additionally dishonestly misused his place as a director of Safe Investments between July 16, 2016, and Dec. 23, 2019, when he withdrew greater than $550,000 from the corporate to purchase shares in a safety firm for his private acquire.

In October 2020, ASIC took civil motion and obtained pressing interim orders within the Federal Courtroom in opposition to Naseeruddin as a consequence of considerations of deceptive and misleading conduct and the operation of a monetary providers enterprise with out the suitable licence.

Naseeruddin was arrested in December 2020 and charged with dishonest conduct and misuse of his place as a director.

Naseeruddin’s case is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation and referral by ASIC, with the matter to return to court docket on Dec. 6 for a plea listening to.

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