This article is from the Australian Property Journal archive
BRISBANE wealth and property mentor Andrew Carr has appeared in the Brisbane Magistrates Court on fraud charges following an investigation by the Australian Securities and Investments Commission.
Carr a former company director and undischarged bankrupt, faces 12 fraud charges following allegations he obtained $2.31 million between April 12 2005 and May 05 2006 mainly for the benefit of Baynoosa Pty Ltd.
ASIC commenced an investigation into Carr and his companies following the receipt of numerous complaints.
On June 05 2006, ASIC obtained interim freezing orders in the Supreme Court of Queensland over property belonging to Carr and his Brisbane-based company, Nimshay Pty Ltd (trading as ‘Superior Wealth Creation’ and ‘Superior’, Bay Investments Pty Ltd, Baynoosa Pty Ltd, Lenlil Pty Ltd, Baylink Investments Pty Ltd and Nimshay Holdings Pty Ltd). These orders also prevented Carr from leaving Australia.
ASIC alleges Carr obtained these funds by inviting investors, who had already paid money to be part of his mentoring program, to loan funds for the construction of a 26-unit complex in Clontarf.
Investors were then promised a return of their funds and a free unit on completion of the project or a substantial discount off the purchase price.
ASIC alleges Carr used this money mainly for the benefit of his company, Baynoosa Pty Ltd, and not for the construction of the complex.
On August 31 2006, ASIC obtained orders winding up the companies and a declaration from the Court that Carr carried on a financial services business without holding an Australian financial services licence.
Carr was not required to enter a plea and was placed on bail of his own undertaking, with conditions. The matter returns to Court on July 25 2008.
Australian Property Journal
