A Gold Coast director has faced court on eight counts of fraud which left investors $2 million out of pocket.
Robert Norman Dale yesterday appeared in the Southport Magistrates Court. The charges follow an investigation by the ASIC.
The industry regulator alleges that between July and November 2004, Dale dishonestly gained a benefit for Water at Wooyung Pty Ltd by inducing various investors to pay $2 million to acquire units in the Water at Wooyung Unit Trust.
At the time, Dale was the director of Water at Wooyung, which was the corporate trustee of the Water at Wooyung Unit Trust.
ASIC alleges that those who invested in the development never received the units in the unit trust that they were promised and further, that the $2 million invested was not applied by Water at Wooyung Pty Ltd for the purpose of developing the Wooyung property.
The court granted Dale bail with residential and reporting requirements and he is not permitted to leave the country.
The matter was adjourned for further mention on 4 December 2007.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
