ASIC: Melbourne man pleads guilty to $1 million fraud 

Australian Securities and Investment Commissions has issued the following announcement:

Mr Carlo Cini, 56, of Altona North, Melbourne, pleaded guilty today in the Melbourne Magistrates Court to 22 offences following an ASIC investigation.

The charges relate to Mr Cini’s conduct as the sole director of the Williamstown-based company, C Cini & Company Pty Ltd (now in liquidation).

Between 2007 and 2008, Mr Cini raised more than $1 million from seven investors based on representations that the funds would be used for property development being undertaken by the company. The funds were subsequently used for other purposes, including other company-related expenses and personal payments associated with Mr Cini.

Mr Cini also obtained a financial advantage for the company by evading debts due to the investors. This related to the issuing of valueless cheques to the investors with a face value of more than $700,000.

A further charge related to an investor agreeing to lend funds to the company on the basis of reckless statements made by Mr Cini.

In total, Mr Cini pleaded guilty to:

• 10 counts of obtaining property by deception
• one count of fraudulently inducing a person to invest money, and
• 11 counts of obtaining a financial advantage by deception.

A number of charges, including alternative charges, were withdrawn by the prosecution as a result of the guilty plea being entered into.

Mr Cini was conditionally bailed to appear before the County Court of Victoria for a plea hearing on 31 July 2014.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

Source: ASIC

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