Kennedy appeared in the Brisbane Magistrates' Court on 18 March on 11 counts laid by ASIC of dishonestly obtaining a benefit of $728,000 under section 408C(1)(d) of the Criminal Code (Qld) and one count of carrying on an unlicensed financial services business. He did not enter a plea.
The alternative 11 charges under the Corporations Act 2001 of dishonest conduct involving a financial service or product were not dealt with at this time.
ASIC alleged First Foundation Developments Limited and Kennedy offered securities in an unregistered managed investment scheme between October 2002 and April 2003.
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