An Australian technology executive has been extradited from Thailand to face fraud charges, making him the second director to be charged as part of a long-running investigation into the accounts of smart lock firm TZ Limited.
John Falconer yesterday arrived in Australia escorted by Australian Federal Police officers. He has been charged with 16 counts of using his position as a director dishonestly to gain advantage, and two counts of providing false or misleading information to the ASX.
ASIC has been investigating suspected illegal payments to senior directors at TZ Limited since 2009.
It alleges that Falconer used his position as director to transfer $6.25 million of TZ funds to entities associated with himself and Andrew Sigalla - the former TZ director who was sentenced to ten years in jail in February for defrauding TZ of $8.7 million.
Sigalla has indicated his intention to appeal his sentence and conviction of 24 counts of dishonest conduct.
ASIC claims the fraudulent transfers connected to Falconer occurred on 16 separate occasions from December 2006 to September 2008.
It has also alleged that Falconer, while serving as chief financial officer, lodged two financial reports in 2008 and 2009 with the ASX that "failed to disclose the true nature of certain payments within the reports".
Falconer left Australian in March 2012 during ASIC's investigation and has not returned since, the corporate watchdog said.
His application for release will be heard on September 15, and he will remain in custody until then.
TZ Limited is an ASX-listed smart lock technology firm led by financial services personality Mark Bouris.