Investment firm director charged with multiple offences

NSW-based sole director Usman Siddiqui has appeared in local court charged with multiple breaches of his director duties.

Siddiqui is director of NSW-based Equitable Financial Solutions which, according to the Australian Securities and Investment Commission (ASIC), was purported to provide Sharia-compliant investment and lending products to members of the Australian Muslim community.

Appearing in Downing Centre Local Court, Siddiqui has been charged with four counts of dishonestly using his position as a director of Equitable Financial Solutions to gain an advantage.

ASIC alleges Siddiqui caused $1.75 million of company funds to be diverted away from Equitable Financial Solutions for his benefit – a contravention of section 184(2)(a) of the Corporations Act 2001.

Siddiqui was granted bail on the date of his arrest with conditions imposed preventing him from leaving Australia.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

ASIC notes that the maximum penalty for an offence against section 184(2) of the Corporations Act is 15 years’ imprisonment.