Hi guys
I noticed this article in the Age today.
ASIC drops case against Henry Kaye
Australia's corporations watchdog has abandoned a bid to prosecute a Melbourne property spruiker over an alleged $18 million fraud.
The Australian Securities and Investments Commission (ASIC) charged Henry Kaye with one count of obtaining financial advantage by deception after an investigation in December 2005.
Kaye, who ran wealth creation seminars for low-income earners in NSW and Victoria, was accused of dishonestly securing $17.7 million in finance from St George Bank for property developer, Inkerman Developments.
It followed events in June 2000 when Kaye's company Oasis Investments bought 168 off-the-plan apartments to be built in St Kilda from Inkerman at a discounted price.
He then on-sold them at a mark-up to ``wealth creation'' seminar participants, court proceedings heard last year.
Solicitor Lewis Janover said today the Commonwealth Director of Public Prosecutions had withdrawn the charge laid by ASIC against Kaye.
He added Kaye had always maintained his innocence and denied any wrongdoing.
A spokeswoman for ASIC confirmed it had withdrawn the charge and the case would no longer be proceeding.
AAP
I noticed this article in the Age today.
ASIC drops case against Henry Kaye
Australia's corporations watchdog has abandoned a bid to prosecute a Melbourne property spruiker over an alleged $18 million fraud.
The Australian Securities and Investments Commission (ASIC) charged Henry Kaye with one count of obtaining financial advantage by deception after an investigation in December 2005.
Kaye, who ran wealth creation seminars for low-income earners in NSW and Victoria, was accused of dishonestly securing $17.7 million in finance from St George Bank for property developer, Inkerman Developments.
It followed events in June 2000 when Kaye's company Oasis Investments bought 168 off-the-plan apartments to be built in St Kilda from Inkerman at a discounted price.
He then on-sold them at a mark-up to ``wealth creation'' seminar participants, court proceedings heard last year.
Solicitor Lewis Janover said today the Commonwealth Director of Public Prosecutions had withdrawn the charge laid by ASIC against Kaye.
He added Kaye had always maintained his innocence and denied any wrongdoing.
A spokeswoman for ASIC confirmed it had withdrawn the charge and the case would no longer be proceeding.
AAP
