Melbourne-based company director Fiona Louise Johnston has been arrested and charged with 21 offences. The charges arose from an ongoing investigation into allegations of the misappropriation of investors funds in a property investment scheme.

The investigation was conducted by the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA) and the Australian Federal Police (AFP).

Ms Johnston was a director of Greenacres Management Pty Ltd, which was the trustee for a small employee-based superannuation fund, Cranbourne Park Universal Superannuation Fund. This fund was established for the investment of superannuation benefits for employees of an associated entity of Ms Johnston, Cranbourne Park Accounting Services Pty Ltd.

Ms Johnston has been charged with the following offences:

• two counts of obtaining property by deception;
• one count of theft;
• 13 counts of being directly or indirectly knowingly concerned in the contravention of section 145 of the Superannuation Industry (Supervision) Act;
• four counts of being directly or indirectly knowingly concerned in the contravention by Greenacres Management Pty Ltd of section 152(2) of the Superannuation Industry (Supervision) Act; and
• one count of improperly using her position as a director of Greenacres Management Pty Ltd to gain an advantage for herself or another in contravention of section 232 (6) of the Corporations Law.

Ms Johnston appeared before Magistrate Duncan Reynolds at the Melbourne Magistrates Court and was granted conditional bail and released on her own undertaking to appear at the Melbourne Magistrates Court at 10.00am on Friday, 5 November 1999.

Other bail conditions included that Ms Johnston surrender her passport, not apply for any other passport, not attend any international points of departure, report to Heidelberg Police Station once a week and notify ASIC of any change of address within 24 hours.

This is the second arrest to come from this investigation. On 7 May 1999, Douglas Gordon Johnston, Ms Johnstons father, was arrested and charged with four offences. On 30 September 1999, Mr Johnston was charged with a further 38 offences.

For further information contact:

Jamie Orchard
ASIC
Victorian Director Enforcement
(03) 9280 3470
Mobile 0411 549 037

Roger Brown
APRA
Senior Manager
Rehabilitation and Enforcement
(02) 6213 5037