A FORMER Gold Coast developer has pleaded guilty to fraud over a failed Whitsundays project.
Darryl John Loane, 39, pleaded guilty to one count of dishonestly obtaining a loan of $4.70 million in the Southport District Court, on a charge brought by the Australian Securities and Investments Commission.
Loane pleaded guilty to obtaining the loan from Lawloan Mortgages Pty Ltd on or about May 07 1999. At the time the offence took place Loane was a director of Capital Asset Holdings Ltd, formerly Cove Resort Pty Ltd.
Capital Asset Holdings Ltd was deregistered on March 11 2005.
Loane was released on bail on his own undertaking. He has been on bail since September 19 2001 on his undertaking.
Loane will be sentenced on November 28.
Australian Property Journal
