The Australian Securities and Investment Commission has charged a former director of Cape Bonbon with three counts of steeling.
It is alleged Peter Hickey of Cloverdale misappropriated $230,000 between April 14 and July 8 2005.
ASIC believes the money was received from investors and disposed of through Cape Bonbon.
In a statement ASIC said, "Cape Bonbon Pty Ltd was established for the purposes of property acquisition and renovation on behalf of investors."
Mr Hickey appeared in the Perth Magistrate's Court earlier this month where didn't enter a plea and was released on bail with $20,000 surety.
He's due to reappear in court on October 15.
See statement from ASIC below:
Mr Peter Robin Hickey of Cloverdale, Western Australia, has been charged with three counts of stealing laid by ASIC.
Mr Hickey is charged under s378(9)(b)of the Criminal Code (WA) for allegedly misappropriating $230,000 between 14 April and 8 July 2005. ASIC alleges that the funds were received from investors and disposed of through Cape Bonbon Pty Ltd, a company of which Mr Hickey was a director. It is alleged that Cape Bonbon Pty Ltd was established for the purposes of property acquisition and renovation on behalf of investors.
The charges carry a maximum penalty of 10 years' imprisonment on each count.
Mr Hickey appeared in the Perth Magistrates' Court on Friday 17 September and did not enter a plea. He was released on bail subject to conditions and a $20,000 surety.
The matter will return to the Perth Magistrates' Court on 15 October 2010.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
