ASIC has charged two men for operating a financial services business without holding an Australian financial services licence (AFSL).
Barry Patrick has been charged on three counts for operating Casey Business Finance, Cardinia Specialised Securities and Borocco Investment Services without holding an AFSL. Karl Veljokovic has been charged with one count in relation to Casey Business Finance.
Patrick was also charged with three counts of managing a corporation while disqualified.
The charges relate to ASIC allegations that both men induced 40 investors to invest in three property schemes between 1 August 2003 and 31 December 2006.
EKB Properties raised around $4 million, Sandgrove Specialised Securities raised about $1.5 million and Cardinia Specialised Securities raised approximately $1 million.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
In February 2007, the Federal Court appointed Deloitte as liquidators of EKB Properties, Sandgrove Specialised Securities and Cardinia Specialised Securities following an ASIC application.
At the time the two men consented to a number of orders by the court. These included a ban on them carrying on a financial services business, issuing, selling, or offering financial products, and managing corporations for 20 years.
