A NSW man has appeared in a Sydney court, on investment fraud charges involving more than $200,000 of investor funds.
William John Jones of Blue Haven, NSW, has been charged with two fraud offences, under section 178A of the Crimes Act on 14 January following an ASIC investigation.
ASIC has alleged that Jones, fraudulently misappropriated $260,000 that he obtained from two investors in 2006 for the purpose of share trading.
Jones told the investor that,” he would provide them with reliable returns of between 12 per cent and 30 per cent per annum”, however ASIC alleges that Jones used the funds for his own personal benefit.
Under the NSW Crimes Act each of the offences carries a maximum penalty of seven years’ imprisonment.
Jones did not enter a plea and was remanded to appear in court on 18 March to do so and was granted bail on the condition he surrendered his passport to ASIC.