SMSF property investment adviser charged with eight counts of fraud

A property investment adviser who allegedly recommended to various NSW investors that they set up self-managed superannuation funds to invest in the development of a number of house and land packages in Queensland has been charged with eight counts of fraudulent misappropriation.

Steven William Hill, 52, of Kelso, NSW, appeared in the Bathurst Magistrates Court where was charged following an ASIC investigation.

ASIC alleges that between January 5, 2006 and March 6, 2007, Hill through Hill Stephens & Associates Pty Ltd (HSA) and International Finance Consortium (Aust) Pty Ltd (IFC) dishonestly induced various investors to pay approximately $618,000 to acquire interests in a “house and land” property development located in Queensland. 

ASIC alleged that investors never received the returns promised, and that $431,000 of the invested funds were directed to company bank accounts to make payments to Mr Hill and other third parties. 

The court granted Hill bail, which includes a residential requirement and prohibits him from approaching any points of international of departure from Australia.

The matter was adjourned for further mention on 26 August 2013.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.