Wednesday 14 June 2006 – LAWFUEL – Press Release Service – Mr Michael Cay was arrested today in Beechworth, Victoria, following an investigation by the Australian Securities and Investments Commission (ASIC). Mr Cay was taken to Wangaratta Magistrates Court in Victoria and charged in relation to his conduct concerning Jewel Financial Services Pty Ltd (Jewel).
Mr Cay was charged with eleven counts of theft, eight counts of obtaining property by deception, one count of obtaining a financial advantage by deception and one count of using a false document under the Victorian Crimes Act 1958. ASIC alleges Mr Cay unlawfully obtained more than $600,000 from a number of investors who were enticed into investing with Jewel, a financial services business based in St Kilda. Most of the investors live in Melbourne.
It is alleged Mr Cay signed agreements with investors that provided for the funds to be loaned to other clients of Jewel and secured against properties. The investors were told that the loans made to the clients would be returned together with an interest payment. Mr Cay was the manager of Jewel Financial Services. Mr Cay was refused bail and remanded in custody to appear before the Melbourne Magistrate’s Court on 16 August 2006. Jewel is currently in external administration, the administrators having been appointed in September 2005. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Mark Steward Deputy Executive Director, Enforcement Telephone: 03 9280 3467 Mobile: 0412 860 940 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769 Page 1 of 1