Bankrupt Melbourne property developer, Mark Stanley of Middle Park appeared in the Melbourne Magistrates Court yesterday.
Stanley was committed to stand trial over the alleged theft of $3.48 million following an investigation by the Australian Securities and Investments Commission.
Stanley will face the County Court of Victoria on 21 charges alleging that he stole approximately $3.48 from investors in a proposed property development.
Twenty-six investors from New South Wales, Victoria, Queensland, Tasmania and the United Kingdom paid money to companies controlled by Stanley with the intention of purchasing a property in Berwick Victoria.
This property was to be developed into a retirement village to be called Casey Downs Retirement Village.
The retirement village was to be developed in conjunction with Primelife Corporation Ltd, however, the joint venture with Primelife did not proceed.
Stanley is also charged with one count of dishonest conduct with respect to the carrying on of a financial services business.
ASIC alleged that Stanley knowingly made misrepresentations to Primelife with respect to funds that had been raised to settle on the purchase of the land.
ASIC also alleged Stanley provided false documentation in support of those misrepresentations.
Stanley reserved his plea to all charges and is required to appear in the County Court on May 15, 2006.
By Kathryn O’Meara
Background
Stanley is also facing charges of theft and breach of directors duties which were laid by ASIC following a separate investigation.
ASIC alleged Stanley dishonestly used his position as a director of St Leonards Property Pty Ltd (St Leonards) with the intention of gaining an advantage for himself or another, and that he used funds totalling $238,361.97 payable to St Leonards, for purposes unrelated to the company.
Stanley will also stand trial on an allegation that he stole funds totalling $431,259.54 from St Leonards. Stanley is due to appear in the County Court on 15 May 2006 on these charges.
Both these matters referred to above are being prosecuted by the Commonwealth Director of Public Prosecutions.
