ASIC alleges that between 5 January 2006 and 6 March 2007, Mr Hill – through Hill Stephens & Associates Pty Ltd and International Finance Consortium (Aust) Pty Ltd – dishonestly induced various investors to pay approximately $618,000 to acquire interests in a house and land property development in Queensland.

It is alleged that investors never received the returns promised and that $431,000 of the invested funds were directed to company bank accounts to make payments to Mr Hill and other third parties, ASIC said.

The matter is next listed at the Bathurst district court on 1 May 2015 for arraignment and for a trial date to be set.

It will be prosecuted by the Commonwealth director of public prosecutions.