news

Jail time for property spruiker

By Katarina Taurian
SMSF property spruiker

A Victorian man has been sentenced to prison after pleading guilty to property-related charges following an ASIC investigation.

The County Court of Victoria convicted and sentenced Barry Patrick to six years and three months’ imprisonment, after he pleaded guilty to six charges. He will be eligible for parole after serving three years and nine months.

Mr Patrick pleaded guilty to three charges of obtaining property by deception, two charges of obtaining a financial advantage by deception and one charge of carrying on a financial services business without a licence.

Mr Patrick had nominated investors to be directors of a number of companies formed to purchase properties on the outskirts of Melbourne for development, ASIC said.

To obtain funds for the property development projects, he persuaded investors to refinance their homes and/or establish SMSFs and invest their superannuation in the developments.

“Between 2007 and 2010, Mr Patrick illegally obtained more than $600,000 from 14 retail investors to fund the property developments because of financial advice provided by him when he was not authorised to do so,” ASIC said.

“The funds raised by Mr Patrick were not used to develop the properties but were instead used to pay interest payments to past and existing investors and to meet repayments on loans, as well as his own personal use such as artwork and jewellery.”

Jail time for property spruiker
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%