Failed company director on $4.6m fraud charges

The former chief financial officer of failed Gold Coast investment group Octaviar has been charged with 26 counts of fraud.

David Mark Anderson appeared in Southport Magistrates Court but did not enter a plea and was released on bail.

The Australian Securities and Investments Commission alleges that Anderson misappropriated $4.61 million as head of Octaviar subsidiary Octaviar Investment Holdings No 3 Pty Ltd between June 2012 and September 2015.

The regulator claims he "dishonestly applied'' the money for his own use and was sole director of the entity at the time.

The matter was adjourned until September 2.

The Octaviar Group, previously known as MFS, collapsed in 2008 owing $2.5 billion.

A court ruled in 2016 that Anderson was one of four MFS executives who breached their directors' duties after they used $142.5 million of members' money to repay company debts.

These executives were then ordered in 2017 to pay more than $600 million in compensation over the misappropriation of investors assets.

Anderson as banned for 25 years, fined $500,000 and ordered to pay $205.7 million compensation.



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