The sole director of Equitable Financial Solutions Pty Ltd, Usman Siddiqui, of Brighton-Le-Sands, NSW appeared in the Downing Center Local Court charged with breaches of director’s duties.
Mr Siddiqui was charged with four counts of dishonestly using his position as a director of Equitable Financial Solutions to gain an advantage, alleging that he caused $1.75 million of company funds to be diverted from Equitable Financial Solutions for his own benefit.
Mr Siddiqui was arrested by NSW Police on 2 November 2023 after ASIC charged him with offenses 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 offense against section 184(2) of the Companies Act is 15 years imprisonment.
The charges have been listed for further mention before Downing Center Local Court on February 20, 2024.