A Bondi fraudster is under investigation for allegedly conning investors in Sydney’s eastern suburbs of almost $9.9 million.
BRG Corporation former sole director Gregory Nathan raised about $8 million for the BRG Australian Equities Fund between June 2002 and September 2006 from around 70 Sydneysiders, according to ASIC.
When BRG went into liquidation, just $36,000 in cash and shares was found to be held by the fund on November 6.
Also, as a former sole director of Fundamental Group, Nathan raised $1.9 million from investors between July 2004 and September 2006 to put into individually managed accounts (IMA), ASIC alleges.
Liquidators found just $5000 in cash and shares in the company’s coffers on November 14.
To prevent Nathan fleeing the country, ASIC obtained a New South Wales Supreme Court order confiscating his passport.
The ASIC investigation continues.
Former Coffs Harbour mortgage broker Dominic Cincotta will appear before Downing Centre District Court on March 9 charged with 23 counts of fraud.
ASIC alleges Cincotta swindled Sydney and Coffs Harbour investors out of $13.5 million.
