Former company director pleads guilty to deception

Former company director pleads guilty to deception
Former company director pleads guilty to deception

Mr Michael Samra, a former mortgage broker, has pleaded guilty to six charges of deception totalling $1.902 million in the Adelaide District Court.

The charges relate to allegations that between 13 January 2009 and 30 July 2009, Mr Samra deceived investors into lending money to him and his company, ALC Group Pty Ltd. Mr Samra told investors that their money would be on-lent to builders and property developers, when in fact the monies were paid substantially to other investors as repayments of interest and principal.

Mr Samra pleaded guilty on 30 March 2017. His bail was revoked and he was remanded in custody. The matter will return to court on 11 May 2017 for sentencing submissions.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. 

Background

The Norwood-based, ALC Group Pty Ltd, collapsed in 2009 with liabilities of approximately $40 million.

ASIC investigations found that approximately $66 million came into the ALC Group Pty Ltd bank account over a seven month period with the majority of funds paid to investors.

Twelve charges were laid in 2015 for 12 counts of deception totalling over $12 million. Mr Samra has pleaded guilty to six charges and the remaining six charges have been discontinued.

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Asic Property Development

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