Ex-DanFX director jailed for fraud

Ex-DanFX director jailed for fraud | Australian Broker News

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Ex-DanFX director jailed for fraud

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Investor funds misused

Daniel Farook Ali, former director of DanFX Trade, has been sentenced to seven years and three months imprisonment for fraud by the Brisbane District Court, ASIC reported.

The sentencing follows an ASIC investigation that exposed Mr. Ali misappropriated $771,303 of investor funds for private use.

Fraudulent actions and sentencing

Ali pleaded responsible on May 23 to 5 counts of fraud. His fraudulent actions included utilizing investor funds to buy a BMW for an affiliate, actual property for himself and his spouse, and to cowl private bills. He additionally used the funds to pay returns to different traders.

Judge Carl Heaton, in his sentencing, famous the sophistication of Ali’s scheme, the exploitation of his victims’ belief, and the extreme monetary influence on these victims.

Ali shall be eligible for parole from July 5, with the courtroom contemplating his time already served since November 2021.

Daniel Ali’s escape and arrest

Ali left Australia on May 8, 2018, amid ongoing civil proceedings and an ASIC investigation.

A warrant for his arrest was issued in 2019, and he was arrested in Poland in November 2021. Ali was extradited to Australia in August 2022 to face expenses and has been in custody since then.

Background and former convictions

Ali’s historical past with fraud dates again to October 2013, when he was sentenced to 2 and a half years imprisonment, suspended after six months, for unrelated fraud expenses.

In November 2017, ASIC completely banned him from offering monetary companies. Additionally, ASIC obtained orders to nominate a receiver over his property and wind up the scheme he operated.

In July 2018, the Supreme Court of Queensland completely restrained Ali from managing corporations, following findings that he managed an unregistered funding scheme and not using a licence and continued to handle corporations regardless of being disqualified attributable to his prior conviction.

The Commonwealth Director of Public Prosecutions prosecuted the case following a referral from ASIC.

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