Adelaide $66 million property ponzi court charges by ASIC
An Adelaide man has faced court accused of deception totalling $12 million, charged with 12 counts of deception.
ASIC alleges former Burnside mortgage broker Michael Samra operated a Ponzi scheme with promises of high returns on the investment, some up to 30% to 48% a year.
Following an ASIC investigation, Michael Samra faced Adelaide Magistrates Court on May 22, 2015.
ASIC alleges Mr Samra induced investors to loan his company, ALC Group Pty Ltd, money on the basis that it would be on-lent to unnamed builders or property developers on a short term basis.
About $66 million came into the ALC bank account over a seven month period with the majority of funds paid out to investors before the collapse of Norwood-based ALC Group in 2009 owing liabilities of $40 million.
Mr Samra, who was not required to enter a plea, was bailed.
The matter will return to court on July 28, 2015.
