Tuesday 23 October 2007 LAWFUEL – The Law Newswire – Mr Gregory Nathan, the former sole director of Sydney company, BRG Corporation Pty Ltd (BRG), appeared today in Sydney’s Downing Centre Local Court on charges brought by the Australian Securities and Investments Commission (ASIC). Mr Nathan, of Bondi, New South Wales, faces 10 charges under the Corporations Act for acting dishonestly while managing the BRG Australian Equities Fund (the Fund) between September 2004 and September 2006. At the time, Mr Nathan was operating the Fund as an unregistered managed investment scheme.
Mr Nathan faces a further 10 charges under the Crimes Act 1900 (NSW) for obtaining money by using false and misleading statements while managing the Fund. ASIC alleges Mr Nathan sent investors reports which falsely stated the Fund was generating positive returns. It is also alleged Mr Nathan falsely reported to some investors that the fund had $22 million under management. On 10 October 2006, BRG entered into voluntary administration owing investors approximately $4 million.
The matter will return to Sydney’s Downing Centre Local Court on 18 December 2007. The Commonwealth Director of Public Prosecutions is prosecuting the matter.
For further information contact: Emma Forehan ASIC Media Unit Telephone: (03) 9280 3354 Mobile: 0409 702 310