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.
The charges have been listed for a further mention before the Downing Centre Local Court on 20 February 2024.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.