Former Octaviar CFO David Anderson facing $4.6 million fraud charge
The former chief financial officer of Gold Coast investment group Octaviar Limited (MFS), which collapsed in 2008 owing $2.5 billion, has been charged with fraud totalling $4.61 million.
David Mark Anderson appeared in Southport Magistrates Court on Monday charged with 26 counts of fraud following an investigation by the Australian Securities and Investments Commission.
ASIC alleges that between June 18, 2012 and September 21, 2015, Mr Anderson, while a director of Octaviar Investment Holdings No.3 Pty Ltd (OIH3) – a subsidiary of Octaviar – “dishonestly applied $4,611,571.86 of OIH3 money for his own use”.
At the time of the alleged conduct, Mr Anderson was the sole director of OIH3.
Octaviar Ltd, previously called MFS, was a publicly listed company with interests in financial services, travel and leisure and childcare businesses, based on the Gold Coast.
It’s collapse in 2008 wiped out thousands of mum-and-dad investors, who had put their life savings into MFS investment vehicle, the Premium Income Fund.
Mr Anderson was released on bail on condition and the matter adjourned to September 2 before the Southport Magistrates Court for further mention.
In May 2017, Mr Anderson was disqualified from managing corporations for 25 years and ordered to pay penalties of $500,000 and almost $206 million in compensation to PIF.
He was one of four former directors, including MFS chief executive Michael King, who were disqualified, fined and ordered to pay a combined $615 million in compensation.
