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ASIC obtains orders against MIS fraudster

ASIC obtains orders against MIS fraudster

Reporter
— 1 minute read

The Queensland Supreme Court has granted ASIC orders against a former managed investment scheme operator who was convicted of fraud and banned from financial services.

The corporate regulator has obtained final orders against Daniel Farook Ali after commencing proceedings against the man in 2017.

Mr Ali operated an eponymous managed investment scheme which raised approximately $13 million from more than 200 investors.

In granting the orders, the court found that Mr Ali and a number of his corporate entities had not registered under the Corporations Act or obtained an Australian Financial Services Licence despite legal requirements to do so.

He was also found to have ignored an order previously banning him from managing companies which followed fraud charges brought by the Queensland Director of Public Prosecutions in 2012.

At that time, Mr Ali was convicted of fraud and sentenced to a two-year suspended jail sentence in relation to the fraud charges, which ASIC says were unrelated to its ongoing investigation into the former MIS operator.

 

ASIC obtains orders against MIS fraudster
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