Gold Coast property investor charged with 15 counts of fraud

Mr Chester has been charged with 15 counts of fraud, three counts of falsifying company books and records, and two counts of providing false or misleading information to members of a corporation.

The charges are connected with Mr Chester’s alleged dealings as director of Vested Capital Pty Ltd, a south-east Queensland-based company that specialised in investment and development consulting, as well as other related companies.

The matter is currently being prosecuted by the Commonwealth Director of Public Prosecutions.

According to ASIC, Mr Chester could face a maximum penalty of 14 to 20 years of imprisonment if convicted of fraud, two years imprisonment and/or 100 penalty units if convicted of falsifying company books, and five years imprisonment and/or a $66,600 fine if convicted of providing false information to members.

This is not Mr Chester’s first encounter with ASIC, with the commission having taken asset preservation order against Mr Chester and his wife Sophie Chester back in July 2021.

These orders restrained Mr and Mrs Chester from removing any of their assets from Australia, disposing of property, or dealing with any monies available in any bank account in which either of the two had an interest.

The preservation proceedings were discontinued in March 2022.

In July last year, Mr Chester reportedly presented a debtor’s petition to ASIC and was declared bankrupt.

Mr Chester is not the only property developer who has come under fire from ASIC in recent months.

In November, the director of five Canberra property development companies received a two-year suspension from managing corporations, citing a lack of care and diligence and a lack of commercial morality.

Meanwhile in July this year, ASIC took civil action against a Melbourne property businessman for allegedly raising $32 million in unlicensed investment schemes.

And in June, another Gold Coast investor was charged with seven counts of fraud for making false promises to investors.