Register
Professional Misconduct

Robert Norman Dale


Address: Australia
Age: 62
Sex: Female
Occupation: Financial services
Date: 18 November 2011


Details



A Gold Coast-based company director who defrauded investors in a property unit trust of $2 million has been sentenced to seven-and-a-half years in jail following an ASIC investigation.

Following a four-week trial, Robert Norman Dale, 54, was found guilty by a Southport District Court jury of six charges of dishonestly gaining a benefit under section 408C(1)(d) of the Criminal Code (Qld) and one charge of dishonestly applying property belonging to another under section 408C(1)(a) of theCriminal Code (Qld). He will serve a minimum of three years and two months, being eligible for parole on 15 January 2015.

ASIC alleged that between July and November 2004, Mr Dale dishonestly induced four investors to pay $2 million to acquire units in the Water at Wooyung Unit Trust for the development of property at Wooyung in the Northern Rivers area of New South Wales. At the time, Mr Dale was the sole director of Water at Wooyung Pty Ltd, which was the corporate trustee of the Water at Wooyung Unit Trust.

The investors, who each paid $500,000 or more to Mr Dale, told the Court that they never received the promised units in the unit trust. ASIC alleged Mr Dale used significant proportions of the investor funds for private purposes.

As a result of his convictions, Mr Dale will be automatically disqualified from being involved in the management of a corporation for five years commencing from the day on which he is released from his served term of imprisonment.

In June 2005, a provisional liquidator was appointed to Water at Wooyung Pty Ltd. The company was placed into liquidation on 1 August 2005.