It follows a decade of pursuit of Munro by ASIC relating the alleged loss of millions from investment schemes.
In 2015, the Supreme Court ruled Munro along with Kathleen Munro had breached the Corporations Act by running a financial services business without a licence and that he had raised more than $1.5 million from investors, friends and family for what the couple dubbed “trading purposes”.
In the latest case, ASIC said Munro received funds from investors for a trading fund which he referred to as the TradeStation Futures Trading Fund (TradeStation).
“Dr Munro did not invest these funds into TradeStation as promised. Instead, Dr Munro dishonestly applied those funds to his own use or the use of another,’’ ASIC said.
“Investors were not aware that their money was being used by Dr Munro in this way and Dr Munro continued to make representations to investors that their money was being invested.”
But Munro’s past includes a long-running investigation by ASIC reportedly relating to more than $60 million of investor funds dating back to 2009 which has never been recovered.
Munro will be sentenced on July 30. He was released on bail and is required to report to police daily. His passport was surrendered to the court.Jump to next article