A third former authorised representative of bankrupt financial services firm Fundamental Group has been hauled before the courts.
Peter Braun, of Rose Bay, Sydney, is charged with six offences of dishonesty and two counts of making false statements.
Braun appeared before the Downing Centre Local Court yesterday but his case was adjourned until February 26.
Fundamental Group entered into voluntary liquidation on November 14, 2006 owing investors $2.6 million.
More than a year on, investors are no closer to getting their money back, liquidator Holzman Associates principal Manfred Holzman said.
“There are no funds available to pay anybody. There could be recovery down the line,” Holzman told InvestorDaily.
ASIC investigations led to two former authorised representatives of Fundamental Group being banned from providing financial services.
The regulator slapped Daniel Gara, of Woollahra, Sydney, with a three-year ban from July 19, 2007.
Philip Allen, of Cremorne, Sydney, was banned for a year from January 8, 2008.
The case against former sole director of Fundamental Group Gregory Nathan is ongoing.
Nathan raised $1.9 million from investors between July 2004 and September 2006 to put into an individually managed account, ASIC has alleged.
Liquidators found just $5000 in cash and shares in the company’s coffers on November 14.
The regulator has also brought 20 charges against Nathan as BRG Corporation former sole director for allegedly conning 70 investors in the BRG Australian Equities Fund of about $8 million.
When unlicensed managed investment scheme BRG Corporation went into liquidation on November 6, just $36,000 in cash and shares was found to be held by the fund.
The Commonwealth Director of Public Prosecutions is prosecuting.
