Mark Goldenberg from Western Australia has pleaded guilty to 39 counts of breaching his duties as a director of Mortimer Close following an investigation by ASIC.
The corporate regulator alleged Goldenberg breached his obligations to the company by transferring around $1.5 million of investors' money out of Mortimer Close for his personal benefit.
Investments in Mortimer Close were made for a land development project in Wellard, south of Perth, but the development never took place.
ASIC already banned Goldenberg for life from providing financial services in May 2009, while it had cancelled the Australian financial services licence of Concentric Wealth Management, of which Goldenberg was the sole director and an authorised representative, in September 2008.
