Former executive chairman of Healthzone found guilty of fraud

Former executive chairman of Healthzone found guilty of fraud

Australia

  • 10/12/2017
  • Warning
  • Australian Securities and Investments Commission

Detail

Mr Roach was charged with conspiracy to dishonestly obtain a director's loan of $1 million from the company. The $1 million was loaned to Healthzone by CBA for on-lending to Mr Roach to buy shares in Healthzone. Instead, Mr Roach used $900,000 of those funds to settle a family-related property issue and did not purchase any shares with the money from the loan.

Source Link

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-345mr-former-executive-chairman-of-healthzone-found-guilty-of-fraud/