Developer gets 3 years for fraud
THE director of a Gold Coast-based company that was developing an estate at Wooyung, just north of Billinudgel, has been jailed for fraud.
Robert Norman Dale, 54, was found guilty by Southport District Court on Friday of defrauding investors in a property unit trust of $2 million.
He will serve a minimum of three years and two months of a seven-and-a-half year sentence.
During the four-week trial the Australian Securities and Investments Commission alleged that between July and November 2004, Dale dishonestly induced four investors to pay a total of $2 million to acquire units in the Water at Wooyung Unit Trust for the development of property at Wooyung.
At the time Dale was the sole director of Water at Wooyung Pty Ltd, which was the corporate trustee of the Water at Wooyung Unit Trust.
ASIC alleged during the case that Dale used a large part of the investors' funds for personal purposes.
The company was placed in liquidation in August 2005.
ASIC commissioner Peter Kell welcomed the sentence, adding it would deter others from illegal behaviour.