The trial of Nicholas James Ellis, a director of Tura Pty, and owner of the Tura Tavern before it was put into liquidation, has been set down for September next year after a brief mention in Sydney’s Downing Centre District Court earlier this month.
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A period of four weeks has been allocated for the trial.
The charges against Mr Ellis, of Valentine, NSW, followed an ASIC investigation.
Mr Ellis, 44 has been charged with 23 criminal counts including 12 counts of making false and misleading statements, nine counts of fraudulently misappropriating money, one count of fraud and one count of obtaining a financial benefit by deception.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions and ASIC alleges that between March 2009 and June 2010, Mr Ellis, director of Tura Pty Ltd (in liquidation), made false or misleading statements to investors and then fraudulently misappropriated approximately $857,000 of investor funds.
Mr Ellis was a director of 2020 Financial Solutions, which had an office in Tura Beach.
ASIC alleges that Mr Ellis, through his financial planning business 2020 Financial Solutions Pty Ltd, advised a number of his clients to set up self-managed superannuation funds (SMSFs).
Between March 2009 and June 2010, ASIC alleges that Mr Ellis then made false and misleading statements in relation to an investment in the Tura Tavern in order to raise funds from the SMSFs.
ASIC alleges Mr Ellis then fraudulently misappropriated approximately $857,000 of investor money for his own benefit, including towards purchasing a $3,077,500 home in Manly.
ASIC further alleges approximately $250,546 of the misappropriated investor funds were used to pay out investors in a previous investment, run by Mr Ellis, which had failed.
