Director of Equitable Financial Solutions charged with breaches of director duties
Sole director of Equitable Financial Solutions Pty Ltd, Usman Siddiqui, of Brighton-Le-Sands, NSW has appeared in the Downing Centre Local Court charged with breaches of director duties.
Mr Siddiqui has been charged with four counts of dishonestly using his position as a director of Equitable Financial Solutions to gain an advantage by allegedly causing $1.75 million of company funds to be diverted away from Equitable Financial Solutions for his own benefit.
Mr Siddiqui was arrested by NSW Police on 2 November 2023 after ASIC charged him with offences for contravening section 184(2)(a) of the Corporations Act 2001 and sought a warrant for his arrest.
Mr Siddiqui was granted bail on the date of his arrest with conditions imposed preventing him from leaving Australia.
ASIC alleges that Equitable Financial Solutions and other companies controlled by Mr Siddiqui purported to provide Sharia-compliant investment and lending products to members of the Australian Muslim community.
The maximum penalty for an offence against section 184(2) of the Corporations Act is 15 years’ imprisonment.
The charges have been listed for a further mention before the Downing Centre Local Court on 20 February 2024.