Aggregated News From Investment Management Regulators

Former director charged with fraud


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Following an ASIC investigation, Mr Steven Philip Heaton of South Melbourne, Victoria, appeared in the Melbourne Magistrates’ Court on 29 July 2020 on nine counts of fraud.

ASIC alleges that on or around 9 November 2015, Mr Heaton dishonestly made false representations to an investor to obtain a loan of $117,500 for the benefit of Independent Products Pty Ltd ACN 169 714 032 (Independent Products) of which he was a director. ASIC also alleges that between 1 December 2015 and 20 January 2017, Mr Heaton made false representations to a number of persons to induce them to invest a total of $974,667 in HVPS Holdings Pty Ltd (ACN 169 713 615), of which he was also a director, and Independent Products.

Mr Heaton has been charged with one count pursuant to section 82(1) of the Crimes Act (Vic) and eight counts pursuant to section 191(1)(a) of the Corporations Act (Cth).

The matter has been adjourned for a committal mention at the Melbourne Magistrates’ Court on 1 December 2020.

The matter is being prosecuted by the Commonwealth Department of Public Prosecutions following a referral from ASIC.

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Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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