2 minutes reading time (392 words)

Basketballer in court on fraud counts


Former Olympic basketballer Shane Heal has appeared in the Brisbane Magistrates Court charged with three counts of fraud under the Criminal Code (Queensland).

The Australian Securities and Investments Commission (ASIC) alleges that Heal:

in 2008, dishonestly gained a benefit of $250,000 from an investor for Shyfox Pty Ltd in 2009, dishonestly gained a benefit of $250,000 from an investor for Cre8ive Constructions Queensland Pty Ltd in 2010, dishonestly gained a benefit of $250,000 from an investor for 23 Investments Pty Ltd.

At the time of the alleged conduct, Heal was the sole director of Shyfox, Cre8ive Constructions and 23 Investments, and the charges were brought against him following an ASIC investigation into his conduct as the director of those companies.

Heal did not enter a plea.

The matter was adjourned for further mention. Heal has entered into bail to appear at the Brisbane Magistrates Court on December 16, 2016.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Heal, who was the franchise player for the Sydney Kings in the early 2000s, has been charged with three counts of fraud under section 408C(1)(d) of the Criminal Code (Queensland) 1899.

A receiver was appointed to Shyfox in January, 2012 and the company was subsequently deregistered in April 2013. Cre8ive Constructions was deregistered in February 2014, and a liquidator was appointed to 23 Investments in March, 2012, with the company being subsequently deregistered in October 2013.

Meanwhile, ASIC has banned South Australian financial adviser James McCarthy from providing financial services until November 2024.

McCarthy is the sole director of McCarthy Financial Solutions Pty Ltd and was an authorised representative of AMP Financial Planning Pty Ltd from December 2011 to April 2015.

ASIC found that McCarthy created and backdated statements of advice and “authority to proceed” documents and forged client signatures for the purpose of complying with an internal AMP Financial Planning audit in March 2015.

McCarthy did not provide any of the false documents to clients.

ASIC deputy chair Peter Kell says: “ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers who engage in misleading conduct.”

McCarthy has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.



About API


Founded in 1997, API is Australia's highest-selling property magazine.

Original author: API
Fifth of Aussie renovators have no contingency pla...
How to Find and Buy the Best Walk-In Bathtub Today


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Monday, 25 March 2019
If you'd like to register, please fill in the username, password and name fields.

Top Articles

05 November 2018
General Articles
New Business, Service or Product Launches
My Property Negotiator™ You find the best property. We get you the best result. With hundreds of successful negotiations and client purchases under our belt, My Property NegotiatorTM gives you an...
02 November 2018
General Articles
New Business, Service or Product Launches
VaultRE Product Overview Document VaultRE is the product of a strong, strategic partnership that combines experience spanning 46 years of real estate specific software development, with the knowledge,...
03 June 2018
Business Opportunities
New Business, Service or Product Launches
RealWay is pleased to announce an exciting and major change to our business model. We are moving from a franchise to a licence model which we have called Regal. Regal stands for RealWay Exclusive Geog...
20 October 2018
Linktosale has its own built in events management system. This can be used to manage home opens as well as all other types of events. For this tutorial we are going to focus on home opens.When an agen...
Wait a minute, while we are rendering the calendar

Random Posts

05 January 2018
Floors / Tile / Wood
We all face carpet cleaning situations when we really need a guide to help us to get through the situation. One of these situations is when the carpet is wet. If the wet spot is not large and can be r...
22 December 2017
Real Estate / FInance
Planning to have your home remodeled anytime soon? You better prepare for it financially. A good amount of money is needed to push through with a home improvement project. It might be taxing to do thi...
01 September 2016
Safety / Security
Asbestos was a popular substance that has been used in thousands of commercial and industrial properties throughout the United Kingdom. The material was soon found to cause fatal cancers and was first...

Translate Site


ABN: 77 626 273 050
Perth, WA 6036

Subscribe To Our Newsletter

Cron Job Starts