Former director of Chartwell Enterprises, Graeme Hoy, has pleaded guilty to 47 charges in the Supreme Court of Victoria, following an ASIC investigation into the collapsed financial services company which owed investors more than $60 million.
Melbourne-based Hoy pleaded guilty to deception charges totalling in excess of $21.7 million, which included 34 counts of obtaining a financial advantage by deception.
ASIC's investigation found he dishonestly obtained over $13.3 million from investors, in part on the basis of false representations made to them as to how their money would be used.
Hoy also pleaded guilty to obtaining in excess of $5.8 million on behalf of Black Swan Holdings from the Commonwealth Bank of Australia based on false financial statements provided by Hoy, also a director of Black Swan Holdings.
He was also charged with 10 counts of obtaining property by deception, with Hoy attaining more than $2.5 million from investors, in part on the basis of false representations made to them as to how their money would be used.
Furthermore, Hoy was charged with one count of dishonest use of position as a director, with ASIC finding he dishonestly used his position as a director of Chartwell to gain an advantage for Black Swan Holdings by executing a guarantee on behalf of Chartwell regarding an equipment loan between CBFC and Black Swan Holdings to purchase a yacht valued at around $6.9 million.
In addition, Hoy was charged with one count of carrying on a financial services business without an Australian financial services licence as required under the Corporations Act, as well as engaging in dishonest conduct in carrying on a financial services business.
