ASIC has permanently banned Mr Steven William Hill from engaging in credit activities and providing financial services.
An ASIC investigation found that between January 2006 and February 2007, Mr Hill, through Hill Stephens & Associates Pty Ltd and International Finance Consortium (Aust) Pty Ltd induced various investors to pay approximately $618,000 to acquire interests in a ‘house and land’ property development located in Queensland.
Mr Hill was found guilty of fraudulently misappropriating $281,000 of the invested funds, which were directed to company bank accounts to make payments to Mr Hill and other third parties.
On 18 April 2016, His Honour Acting Judge Garling sentenced Mr Hill to 2 years and 9 months jail for fraudulent misappropriation.
Following the sentencing, ASIC determined that Mr Hill should be permanently banned as he was convicted of offences involving dishonest and fraudulent conduct.
ASIC Commissioner Peter Kell said Mr Hill’s misconduct was very serious.
ASIC will ban people from the finance industry who act dishonestly and place personal interests ahead of those they service. Mr Hill’s actions exposed vulnerable members of the community to financial loss and hardship’, Mr Kell said.
Mr Hill has the right to appeal to the Administrative Appeals Tribunal for review of ASIC’s decisions.