The director of a Victorian investment company that collapsed owing millions to investors has been ordered to stand trial on fraud-related charges.
Graeme Ronald Hoy pleaded not guilty on Wednesday to charges including obtaining property or financial advantage by deception and dishonestly using his position as a company director.
Geelong Magistrates Court heard Hoy's Geelong-based company Chartwell Enterprises promised clients returns of up to 100 per cent per annum on their investments.
A former staff member told the court the company's record keeping was amateurish.
Prosecutor Daniel Gurvich told the court that between January 2007 and April 2008 when the company went into administration, Chartwell and a linked company called Black Swan received investments totalling nearly $22 million.
It's alleged that only $350,000 was traded and another $330,000 was forwarded to a broker.
Hoy was released on bail in order to face a directions hearing in the Victorian Supreme Court on March 26.
A committal hearing for company secretary Ian Rau is continuing.
AAP
