A former senior financial adviser with Noall & Co has faced court over fraud charges brought by ASIC.
Sydney-based James Patrick Hobson faced Downing Centre Local Court yesterday over allegations he defrauded four clients of more than $300,000 and attempted to defraud one of $120,000 over a five-month period.
Hobson, employed by Binma Pty Ltd trading as Noall & Co, was charged with four counts of fraudulent misappropriation of a valuable security and one count of attempting to fraudulently misappropriate a valuable security.
It is alleged that between March and August 2008, Hobson misappropriated $307,000 and attempted to misappropriate $120,000 of client funds while working for Noall & Co.
It is claimed that in each instance, he advised clients to invest in international shares through a product called Skandia.
It is alleged he did not in fact invest the funds on behalf of the clients, but instead used the funds for his own personal use.
Hobson was granted conditional bail, with the matter to return to court on 10 January 2012.
