Thursday 22 February 2007 LAWFUEL – Law News, Law Jobs – Former Coffs Harbour mortgage broker, Mr Dominic Cincotta, has been committed to stand trial in the Downing Centre District Court in relation to 23 fraud charges brought by the Australian Securities and Investments Commission (ASIC). Mr Cincotta, 53, is charged with dishonestly obtaining a financial advantage and fraudulently misappropriating funds totalling $13.5 million between November 1998 and December 2004.
ASIC alleges Mr Cincotta arranged investments for 12 clients residing in Sydney and Coffs Harbour. ASIC also alleges that the funds were purportedly invested with Perpetual Trustees Australia Limited in accounts such as a Mortgage Offset Account, Bricks and Mortar Fund, Fixed Mortgage Investment Account or Investment Deposit Account, earning interest at rates between 6.75 per cent and 12 per cent per annum.
It is alleged the funds were, in fact, deposited to accounts controlled by Mr Cincotta, including a Perpetual Investment Management Limited Cash Management Account in the name of his wife, Mrs Patrice Cincotta, and a St George Bank account in the name of ACN. Mr Cincotta waived his right to a committal hearing and will appear in the Downing Centre District Court for arraignment on 9 March 2007. The Commonwealth Director of Public Prosecutions is prosecuting the matter. For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310