MONEY Living director Gary O'Neill yesterday pleaded guilty in the Melbourne County Court to two charges brought by the Australian Securities and Investments Commission.
O’Neill admitted that he obtained mortgages from a financier totalling almost $1 million by submitting loan applications that failed to disclose the life tenancies attached to the mortgaged properties.
He further admitted that the business method involved purchasing property at a discounted rate, as opposed to market rate, from the elderly and allowing them to remain in the property until they died.
O’Neill has pleaded guilty to two counts of dishonestly using his position as an officer of a corporation.
A sentencing date is yet to be fixed.
Meanwhile, Stephen O’Neill, who has entered a plea of not guilty, is to stand trial on four counts of dishonestly using his position as an officer of a corporation.
His trial is listed to commence on June 02.
Australian Property Journal
