Dr Roger Munro has pleaded guilty in the District Court of Queensland to three counts of fraud under s408C of the Queensland Criminal Code. Dr Munro was charged following an investigation by ASIC and was due to face a three-week criminal trial.

Dr 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. Investors were not aware that their money was being used by Dr Munro is this way and Dr Munro continued to make representations to investors that their money was being invested in TradeStation by falsely reporting on the profits and losses being made by TradeStation.

The charge of aggravated fraud contrary to s408C(2) of the Queensland Criminal Code carries a maximum penalty of twelve years imprisonment.

Dr Munro will be sentenced on 30 July 2021. He was released on bail and is required to report to police daily. His passport remains surrendered to the Court.

Background

On 24 July 2015, ASIC brought civil proceedings against Dr Munro in relation to its investigation into TradeStation. ASIC sought declarations and other orders in relation to Dr Munro's conduct, alleging that he had breached s911A of the Corporations Act by carrying on a financial services business in Australia without an Australian Financial Services licence (15-201MR).

On 3 February 2016, the Supreme Court of Queensland found that Dr Munro had breached s911A of the Corporations Act and permanently restrained him carrying on a financial services business in Australia without holding an Australian financial services licence (16-023MR).

On 17 March 2017, Dr Munro was arrested and charged with five counts of fraud (17-070MR). Two charges did not proceed due to unavailability of witnesses.

Editor's note:

On 30 July 2021, the matter was mentioned in the Brisbane District Court and adjourned until 6 August 2021.

Editor's note 2:

On 6 August 2021, the matter was mentioned in the Brisbane District Court and adjourned until 13 August 2021.

Editor's note 3:

On 17 August 2021, the matter was mentioned in the Brisbane District Court and adjourned until Wednesday, 10 November 2021.

Editor's note 4:

On 10 November 2021, the matter was part-heard in the Brisbane District Court and adjourned until 22 February 2022.

Editor's note 5:

On 22 February 2022, the matter was part-heard in the Southport District Court and adjourned until 30 March 2022.

Editor's note 6:

On 30 March 2022, the matter was heard in the Brisbane District Court. Judgment was delivered on 8 April 2022 in relation to Dr Munro’s application to set aside his pleas of guilty. The Court was satisfied that no miscarriage of justice had occurred, or is likely to occur, and refused leave to set aside the pleas of guilty. The matter was adjourned for sentence on a date to be fixed. 

Editor's note 7:

The matter has been listed for sentence in the Brisbane District Court on 3 May 2022.