A SYDNEY mortgage is facing criminal charges brought by the Australian Securities and Investments Commission.
The Commission also disqualified two
Mortgage broker, Adrian Camilleri, of Woolloomooloo appeared in
ASIC alleges that Camilleri, the sole director of mortgage broking business, Asset Finance Service Pty Ltd (in liquidation), failed to return approximately $123,442 to an investor and repay their principal investment.
Asset Finance Service Pty Ltd sourced lending capital from private investors who were willing to forward the required loan amount under the terms of a loan agreement.
Meanwhile, ASIC has disqualified property developer, Suzanne Cameron, of Cremorne from managing corporations for the maximum period of five years.
Cameron’s disqualification follows an ASIC investigation into her role in seven failed companies, Berry Street Investments Pty Ltd, PDE Investments No 3 Pty Ltd, PDE Investments No 5 Pty Ltd, PDE Investments No 9 Pty Ltd, Property Development Enterprises No 3 Pty Ltd, Manly Apartment Leasing Pty Ltd and Manly Waterfront Developments Pty Ltd.
ASIC’s investigation found all companies failed owing substantial amounts to the Australian Taxation Office and that Cameron failed to assist the liquidators of each company and failed to ensure that all companies maintained proper books and records.
ASIC also found that Cameron allowed Berry Street Investments Pty Ltd to lodge with the ATO false Business Activity Statements resulting in the payment GST refunds to which it was not entitled.
Another property developer, Garry Zaska of Dora Creek has disqualified from managing corporations for three years.
Zaska’s disqualification follows an ASIC investigation into his role in two failed companies, Pridecorp Pty Ltd and LS Zaska & Sons Pty Ltd.
ASIC’s investigation found that both companies failed owing substantial amounts to the ATO and that Zaska failed to ensure that both companies maintained proper books and records. ASIC also found that Zaska failed to provide a report as to affairs to the liquidator of Pridecorp Pty Ltd.
Australian Property Journal
