Sole director of Equitable Monetary Options Pty Ltd, Usman Siddiqui, of Brighton-Le-Sands, NSW has appeared within the Downing Centre Native Courtroom charged with breaches of director duties.
Mr Siddiqui has been charged with 4 counts of dishonestly utilizing his place as a director of Equitable Monetary Options to realize a bonus by allegedly inflicting $1.75 million of firm funds to be diverted away from Equitable Monetary Options for his personal profit.
Mr Siddiqui was arrested by NSW Police on 2 November 2023 after ASIC charged him with offences for contravening part 184(2)(a) of the Companies Act 2001 and sought a warrant for his arrest.
Mr Siddiqui was granted bail on the date of his arrest with circumstances imposed stopping him from leaving Australia.
ASIC alleges that Equitable Monetary Options and different firms managed by Mr Siddiqui purported to offer Sharia-compliant funding and lending merchandise to members of the Australian Muslim neighborhood.
The utmost penalty for an offence towards part 184(2) of the Companies Act is 15 years’ imprisonment.
The costs have been listed for an extra point out earlier than the Downing Centre Native Courtroom on 20 February 2024.