A New South Wales entrepreneur has been charged with misappropriating approximately $600,000 of clients' funds.
The arrest of Oliver Banovec, of Bellevue Hill, by the NSW Police Fraud Squad followed an ASIC investigation into The Capital Trust, Capital Securitisation Limited and other companies during October 2004 to May 2007.
Banovec, 30, appeared in Sydney Central Local Court where he faced six charges under the NSW Crimes Act for allegedly misappropriating approximately $600,000 of funds.
He also faces a charge of perjury and three counts of making false or misleading statements in relation to documents that were lodged with ASIC.
The investigation followed a complaint from an investor who had invested $1.37 million with Capital Securitisation Limited and The Capital Trust.
It was alleged Banovec made false, misleading and deceptive statements in order to obtain the money from the complainant.
Banovec was released on bail on the condition that he surrender his passport and does not attempt to leave Australia.
The matter will return to court on January 29.
