Mr Mudasir Mohammed Naseeruddin has pleaded guilty to two counts of dishonest conduct and two counts of failing to discharge his duties as a director in the best interests of a company.
Mr Naseeruddin encouraged investors to rollover their superannuation monies into newly created self-managed superannuation funds and to lend those funds to his two companies, Secure Investments Pty Ltd and Aquila Group Pty Ltd. Mr Naseeruddin was a director of both companies.
Between about 13 May 2015 and about 6 January 2020, Mr Naseeruddin dishonestly obtained more than $520,000 from six investors on the basis that the funds would be invested in property developments. Only a small portion of their funds was invested this way.
Between 14 July 2016 and 23 December 2019, Mr Naseeruddin also dishonestly used his position as a director of Secure Investments Pty Ltd to withdraw over $550,000 from the company to purchase shares in a security company for his own benefit.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation and referral by ASIC.
The matter will return to court on 6 December 2023 for a plea hearing.