- The Brisbane District Court in Australia has sentenced Daniel Farook Ali, former director of DanFX Trade Pty Ltd, to seven years and three months imprisonment for fraud.
- The order follows the arrest and extradition of Daniel Farook Ali back to Australia after years on the run.
- “Mr. Ali, DanFX, and two related companies operated the Daniel Ali Scheme, which was a managed investment scheme that was required to be registered under the Corporations Act but was not so registered,” the Court found.
Daniel Farook Ali, former director of DanFX Trade Pty Ltd, has been sentenced to seven years and three months imprisonment for fraud, following his extradition to Australia.
Daniel Farook Ali scammed 200 investors out of AU$13 million
The ASIC first sued Daniel Farook Ali after a $13 million FX scam between May 2016 and November 2017 in which he dishonestly used funds provided to him by investors for trading and investment purposes for unauthorized purposes, including buying real estate and luxury cars for his family members and related companies, and to pay returns to other investors. In some cases, the funds provided to the alleged fraudster by investors had come from investors’ self-managed superannuation accounts, the regulator added.
Eligibility for parole from 5 July 2024
On 23 May 2024, Mr Ali pleaded guilty to five counts of fraud totaling $771,303 relating to his misappropriation of funds invested for trading and investment purposes. The Court sentenced Mr Ali to seven years and three months imprisonment, with eligibility for parole from 5 July 2024. The Court took into account the time Mr Ali has already spent in custody since November 2021 when imposing the sentence.
Conclusion
The sentencing of Daniel Farook Ali marks a significant development in the ongoing efforts to hold financial fraudsters accountable. With eligibility for parole from July 2024, the case underscores the importance of regulatory oversight and the severe consequences of fraudulent activities in the financial sector.
