FORMER Gold Coast developer David Elliot Kennedy has been committed to stand trial in the Brisbane District Court over a scheme that raised approximately $2.2 million from investors.
Kennedy has been charged with 11 counts of fraud including obtaining a benefit of $728,000 under section 408C(1)(d) of the Criminal Code (Qld) and one count of carrying on an unlicensed financial services business.
He did not enter a plea. The alternative 11 charges under the Corporations Act 2001 of dishonest conduct involving a financial service or product were not dealt with at this time.
ASIC alleges that First Foundation Developments Limited and Kennedy offered securities in an unregistered managed investment scheme between October 2002 and April 2003. At the time, the scheme raised approximately $2.2 million from members of the public to allegedly finance various Gold Coast property developments.
Kennedy has been in custody in Australia since his extradition from the United States of America in December 2010. He did not apply for bail.
Australian Property Journal
