Former company director Simon Finnigan has pleaded guilty in Sydney's Downing Centre District Court to nine charges brought by ASIC of dishonest conduct involving investor funds worth more than $1.8 million.
ASIC alleged Finnigan, of Potts Point in Sydney, raised funds from nine investors between January 2003 and April 2007 through his companies, Financial Partners PL, Venture Capital Management PL and Biotech Solutions PL.
At the time of the alleged conduct, none of these companies held an Australian financial services licence.
Finnigan told investors their money would be invested in shares, options, managed funds and property for returns of between 8 per cent and 15 per cent. He then deposited the money into bank accounts he controlled and used the funds for the three companies and his own personal use.
The criminal charges each carry a maximum penalty of five years' imprisonment, a $220,000 fine, or both.
Finnigan's bail conditions continue with an additional requirement that he report to police twice a week.
The matter returns to the Downing Centre District Court on 2 December.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
