The Australian Securities and Investments Commission has charged Garry McDowell in the Queensland Magistrates Court in Maroochydore on six criminal charges in relation to illegal property schemes.
McDowell, of River Hills in Queensland, was charged with six counts of dishonestly inducing people to purchase financial products or services by dishonestly concealing significant, or material, facts.
The offences are alleged to have occurred between January 01, 2004 and May 12, 2004 on the Sunshine Coast and in Brisbane.
The charges were laid following an ASIC investigation into an illegal property syndication scheme commonly referred to as the QN Plan which was promoted by McDowell and the Quality Network Group (QN Group) of companies.
The QN Group operated from a main office in Caloundra, and had branches in Mount Gravatt and Maroochydore in Queensland.
In June 2004, ASIC was successful in having liquidators appointed to the QN Group and having the scheme wound up.
Nick Combis, of Vincents Chartered Accountants was appointed liquidator to QN Pty Ltd, Quality Network Homes Pty Ltd, Quality Network Sales Pty Ltd, Quality Network (Holdings) Pty Ltd, Plymouth Rock (Finance) Pty Ltd and Quality Network Program Pty Ltd.
The matter has been adjourned for a further mention on October 19, 2006.
McDowell has been granted bail on his own undertaking.
By Kathryn O’Meara
