The Australian Securities and Investments Commission reported that Usman Siddiqui, former sole director of Equitable Financial Solutions Pty Ltd, was sentenced by the District Court of New South Wales to 6 years and 6 months in prison, with a non-parole period of 3 years and 3 months. Siddiqui had pleaded guilty to two counts of dishonestly using his position as a director under the Corporations Act 2001. Between May and October 2019, Siddiqui transferred about AUD 1.75 million from the company to his personal accounts and then to overseas accounts while aware of its severe financial difficulties. At the time, clients were awaiting about AUD 11.3 million in investment refunds and the Australian Financial Complaints Authority had issued determinations against the company totaling more than AUD 1 million. The company entered liquidation in November 2019 and was later determined to owe creditors more than AUD 20 million. ASIC investigated the matter, which was prosecuted by the Commonwealth Director of Public Prosecutions.
Australian Securities & Investments Commission2026-08-10
Australian Securities and Investments Commission reports former director sentenced to 6 years and 6 months for dishonest use of company funds
The Australian Securities and Investments Commission reported that former Equitable Financial Solutions director Usman Siddiqui was sentenced to 6 years and 6 months in prison, with a 3-year and 3-month non-parole period. He dishonestly transferred about AUD 1.75 million from the financially distressed company to personal and overseas accounts.