03-113 Jail for former Townsville businessman
Wednesday 2 April 2003
Mr Randall John McFie, formerly of Townsville, has been sentenced to two years jail, to be suspended after serving six months, after pleading guilty to one charge of attempted fraud.
Mr McFie was charged following an ASIC investigation into his involvement in granting a $3.3 million loan to Oceancove Securities Pty Ltd (Oceancove) for the purchase of the Townsville Transit Centre. Mr McFie was an officer involved in the management of Oceancove.
Oceancove purchased the Townsville Transit Centre in September 1999 using finance provided by Lex Nominees Pty Ltd, a company which acted as nominee for investors who placed funds with the former Brisbane based law firm Triscott & Associates.
In March 2001, liquidators were appointed to the mortgage scheme operated by Lex Nominees.
Mr McFie provided a valuer with financial accounts of the Townsville Transit Centre which he had altered to present a more profitable financial position. A valuation based on these false figures was presented to the lender, Lex Nominees and was one of the things the lender relied upon when making a decision to advance the loan funds.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 11/21/2008
