Over 6 years prison for property development fraud involving SMSFs

ASIC, 6 years 3 months prison, fraud, SMSFs, property development, Mr Barry PatrickA man has been sentenced to over 6 years in prison for fraud which involved SMSFs.

According to ASIC, Mr Barry Patrick has been sentenced to 6 years and 3 months in prison after pleading guilty to six charges: 3 of obtaining property by deception, 2 of obtaining a financial advantage by deception and one charge of carrying on a financial services business without a license. ASIC noted that he will be eligible for parole after serving 3 years and 9 months.

ASIC says that Mr Patrick nominated investors to be directors of companies formed to purchase properties in Victoria for development. Read more...