Former broker faces court over Ponzi allegations

By |
A former mortgage broker has faced 12 charges in an Adelaide court over allegations he operated a Ponzi scheme. 

Following an Australian Securities & Investment Committee (ASIC) investigation, it is alleged that Michael Samra deceived investors of out of $12 million. 

The charges follow the collapse of ALC Group Pty Ltd in 2009 owing liabilities of approximately $40 million.

ASIC alleges Mr Samra operated a Ponzi scheme with promises of high returns on the investment, some up to 30-48 per cent a year.

ASIC alleges Mr Samra induced investors to ALC Group Pty Ltd money on the basis that it would be on-lent to unnamed builders or property developers on a short term basis. 

ASIC claims approximately $66 million came into the ALC bank account over a seven month period with the majority of funds paid out to investors.

Mr Samra, who was not required to enter a plea, was granted bail and the matter will return to court on July 28.


With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : woolloongabba , midland , narara , revesby hts , thebarton

go back

Get help financing your investment

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here