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November 22, 2016

Basketballer in court on fraud counts

Former Olympic basketballer Shane Heal has appeared in the Brisbane Magistrates Court charged with three counts of fraud under the Criminal Code (Queensland).

The Australian Securities and Investments Commission (ASIC) alleges that Heal:

  • in 2008, dishonestly gained a benefit of $250,000 from an investor for Shyfox Pty Ltd
  • in 2009, dishonestly gained a benefit of $250,000 from an investor for Cre8ive Constructions Queensland Pty Ltd
  • in 2010, dishonestly gained a benefit of $250,000 from an investor for 23 Investments Pty Ltd.

At the time of the alleged conduct, Heal was the sole director of Shyfox, Cre8ive Constructions and 23 Investments, and the charges were brought against him following an ASIC investigation into his conduct as the director of those companies.

Heal did not enter a plea.

The matter was adjourned for further mention. Heal has entered into bail to appear at the Brisbane Magistrates Court on December 16, 2016.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Heal, who was the franchise player for the Sydney Kings in the early 2000s, has been charged with three counts of fraud under section 408C(1)(d) of the Criminal Code (Queensland) 1899.

A receiver was appointed to Shyfox in January, 2012 and the company was subsequently deregistered in April 2013. Cre8ive Constructions was deregistered in February 2014, and a liquidator was appointed to 23 Investments in March, 2012, with the company being subsequently deregistered in October 2013.

Meanwhile, ASIC has banned South Australian financial adviser James McCarthy from providing financial services until November 2024.

McCarthy is the sole director of McCarthy Financial Solutions Pty Ltd and was an authorised representative of AMP Financial Planning Pty Ltd from December 2011 to April 2015.

ASIC found that McCarthy created and backdated statements of advice and “authority to proceed” documents and forged client signatures for the purpose of complying with an internal AMP Financial Planning audit in March 2015.

McCarthy did not provide any of the false documents to clients.

ASIC deputy chair Peter Kell says: “ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers who engage in misleading conduct.”

McCarthy has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

 

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