Charges against two of the former directors of a Newcastle-based investment company, Mr Wayne O’Brien and Mr Mark Shalimov, were heard yesterday at the Downing Centre Local Court. The charges were brought following an investigation by the Australian Securities and Investments Commission (ASIC).
Mr O’Brien and Mr Shalimov were directors of Future Management Group Limited (FMG). FMG issued a prospectus to raise funds, dated 24 July 2002, and two replacement prospectuses, for the purpose of property development amongst other things. The company also separately operated a mortgage broking business, which included the arrangement of loans for clients.
Mr O’Brien faces a total of 13 charges, including:
• one count of making a false statement to obtain $100,000;
• one count of fraudulently misappropriating $310,000;
• one count of using his position dishonestly as a director of FMG;
• eight counts of lodging false documents with ASIC; and
• two counts of operating a bank account in a false name.
Mr Shalimov faces one count of making a false statement with intent to obtain a loan of $320,000 for a client.
The matter is next in court on 7 November 2006.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.