Tuesday 16 October 2007 LAWFUEL – The Legal Newswire – Mr Trevor Douglas Cohen of Balmoral, New South Wales, will stand trial on five charges relating to the promotion of interest-free home loans following an investigation by the Australian Securities and Investments Commission (ASIC). Mr Cohen pleaded not guilty at committal proceedings in the Downing Centre Local Court.
He is charged with one count of obtaining money by deception and four counts of falsifying documents. A hearing will also be held in the Sydney District Court in relation to a further charge of engaging in misleading conduct in relation to financial services, which will be heard summarily. ASIC’s investigation found Mr Cohen offered to provide an ‘Interest Free Home Loan’ product through two non-listed companies, Derivex Limited and Derivex Asset Management Limited. Furthermore, Mr Cohen aimed to create and sell distribution licences to interested parties who would be authorised to sell the established loan products. Mr Cohen was a director of both companies. It is alleged no person, having received a letter of offer from Derivex Asset Management Limited, received a loan.
Mr Cohen is alleged to have obtained $82,993.40 from one client as a deposit or ‘conduit payment’ but failed to proceed with providing the full loan amount to the client or return the ‘conduit payment’ to his client upon failure to proceed with the loan. ASIC alleges this money was then used by Mr Cohen to pay for personal and business-related expenses. It is also alleged Mr Cohen falsified the signature of a co-director of Derivex and Derivex Asset Management Limited on various company documents. Mr Cohen was released on bail on the condition that he reside at a certain address and notify ASIC of any future travel plans. Mr Cohen is scheduled to appear in the Sydney District Court on 26 October 2007 for arraignment. The Commonwealth Director of Public Prosecutions is prosecuting this matter. For further information contact: Angela Friend ASIC Media Unit Telephone: 03 9280 3888 Mobile: 0412 058 800