A Melbourne mortgage broker has been committed to stand trial in the Melbourne Magistrates Court.
Following an Australian Securities and Investments Commission investigation, Michael Cay, of Greenvale in Victoria has been committed on 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 Cay unlawfully obtained more than $600,000 from a number of investors who were enticed into investing with Jewel Financial Services, a financial services business based in St Kilda.
It is alleged Cay signed agreements with investors that provided for the funds to be loaned to other clients of Jewel and secured against properties belonging to Jewel or borrowers.
The investors were told that the loans made to the clients would be returned together with an interest payment.
Jewel is currently in external administration, the administrators having been appointed in September 2005.
The case was committed to the Melbourne County Court for a mention hearing on May 16, 2007. Cay is currently on conditional bail.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Australian Property Journal
